Published on 8/6/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $300,000 autocallable contingent coupon notes on Stoxx, S&P, Russell
By Kiku Steinfeld
Chicago, Aug. 8 – Barclays Bank plc priced $300,000 of autocallable contingent coupon notes due Jan. 16, 2024 linked to the least performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 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 7.65% if each index closes at or above its coupon barrier level, 70% of its initial level, on the review date for that period, plus any previously unpaid coupon.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly review date beginning in July 2022.
If the notes have not been called, the payout at maturity will be par plus the final coupon unless any index finishes below its 70% trigger value, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon notes
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Underlying indexes: | Russell 2000 index, Euro Stoxx 50 index, S&P 500 index
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Amount: | $300,000
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Maturity: | Jan. 16, 2024
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Coupon: | 7.65% annual rate, payable monthly if each index closes at or above coupon barrier level on review date for that period, plus any previously unpaid coupon
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Price: | Par
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Payout at maturity: | Par plus coupon unless any index finishes below its trigger level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly review date beginning in July 2022
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Initial levels: | 4,305.83 for Stoxx, 2,179.81 for Russell, 4,677.03 for S&P
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Coupon barrier: | 3,014.08 for Stoxx, 1,525.87 for Russell, 3,273.92 for S&P; 70% of initial levels
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Trigger levels: | 3,014.08 for Stoxx, 1,525.87 for Russell, 3,273.92 for S&P; 70% of initial levels
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Pricing date: | Jan. 11
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Settlement date: | Jan. 14
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Agent: | Barclays
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Fees: | 0.6%
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Cusip: | 06748X4X6
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