Published on 11/26/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $242,000 phoenix autocallable notes on Ford
By Kiku Steinfeld
Chicago, Nov. 27 – Barclays Bank plc priced $242,000 of phoenix autocallable notes due April 16, 2026 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 14.25% if the stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any monthly call observation date starting after six months.
The payout at maturity will be par plus the coupon unless the stock finishes below 60% of its initial value, in which case investors will be fully exposed to the stock’s decline.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | Ford Motor Co.
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Amount: | $242,000
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Maturity: | April 16, 2026
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Coupon: | 14.25% annualized, payable monthly if stock closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus coupon unless stock finishes below final barrier level, in which case full exposure to stock’s decline
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Call: | At par plus contingent coupon if stock closes at or above its initial level on any monthly call observation date starting after six months
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Initial level: | $12.46
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Coupon barrier: | $7.48, 60% of initial level
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Final barrier: | $7.48, 60% of initial level
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Pricing date: | April 13, 2023
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Settlement date: | April 18, 2023
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Agent: | Barclays
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Fees: | 4%
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Cusip: | 06745M2B3
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