Published on 3/1/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.68 million phoenix autocallable notes on ETF, indexes
By Wendy Van Sickle
Columbus, Ohio, March 1 – Barclays Bank plc priced $2.68 million of phoenix autocallable notes due Nov. 29, 2023 linked to the least performing of the SPDR S&P Regional Banking ETF, 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 8.25% if each asset closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each asset closes at or above its initial level on any monthly call observation date after three months.
The payout at maturity will be par unless any asset finishes below 70% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | SPDR S&P Regional Banking ETF, Nasdaq-100 index, Russell 2000 index
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Amount: | $2,684,000
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Maturity: | Nov. 29, 2023
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Coupon: | 8.25% annualized, payable monthly if each asset closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par unless any asset finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing asset from its initial level
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Call: | Automatically at par plus contingent coupon if each asset closes at or above initial level on any monthly call observation date after three months
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Initial levels: | $71.88 for fund, 13,509.43 for Nasdaq, 1,944.09 for Russell
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Coupon barriers: | $50.32 for fund, 9,456.6 for Nasdaq, 1,360.86 for Russell; 70% of initial levels
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Final barriers: | $43.13 for fund, 8,105.66 for Nasdaq, 1,166.46 for Russell; 60% of initial levels
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | Barclays
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Fees: | 2.175%
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Cusip: | 06748XE49
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