Published on 3/29/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.15 million phoenix autocallable notes on Nasdaq, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, March 29 – Barclays Bank plc priced $1.15 million of phoenix autocallable notes due March 26, 2026 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.5% if each index closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above 60% of its initial value. Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $1,146,000
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| Maturity: | March 26, 2026
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| Coupon: | 8.5% annualized, payable monthly if each index closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above final barrier; otherwise, 1% loss for each 1% decline of the worst performing index from its initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly call observation date after six months
|
| Initial levels: | 12,519.88 for Nasdaq, 32,030.11 for Dow, 1,727.358 for Russell
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| Coupon barriers: | 9,425.36 for Nasdaq, 24,022.58 for Dow, 1,295.52 for Russell; 75% of initial levels
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| Final barriers: | 7,540.29 for Nasdaq, 19,218.07 for Dow, 1,2036.41for Russell; 60% of initial levels
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| Pricing date: | March 22
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| Settlement date: | March 27
|
| Agent: | Barclays
|
| Fees: | 3.1%
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| Cusip: | 06749NXJ6
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