Published on 2/25/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $327,000 autocallable contingent coupon notes on three bank stocks
By Kiku Steinfeld
Chicago, Feb. 27 – Barclays Bank plc priced $327,000 of autocallable contingent coupon notes due Nov. 21, 2025, linked to the worst performing of the common stocks of Goldman Sachs Group, Inc., Citigroup Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 14.3% if each stock closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period. Previously unpaid coupons will also be paid.
The notes will be called at par if each stock closes above its initial level on any quarterly valuation date after six months.
If each stock finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the least-performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying stocks: | Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group, Inc.
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| Amount: | $327,000
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| Maturity: | Nov. 21, 2025
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| Contingent coupon: | 14.3% per year, payable quarterly if each stock closes at or above coupon barrier on the valuation date for that period; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above final barrier, par; otherwise, full exposure to losses of least-performing stock
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| Call: | At par if each stock closes above initial level on any quarterly valuation date after six months
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| Initial level: | $48.66 for Citi, $133.84 for JPMorgan, $379.20 for Goldman
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| Coupon barriers: | $29.20 for Citi, $80.30 for JPMorgan, $227.52 for Goldman; 60% of initial levels
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| Final barriers: | $29.20 for Citi, $80.30 for JPMorgan, $227.52 for Goldman; 60% of initial levels
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| Pricing date: | Nov. 18, 2022
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| Settlement date: | Nov. 23, 2022
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| Agent: | Barclays
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| Fees: | 1.95%
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| Cusip: | 06749N4X7
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