Published on 11/23/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.58 million autocallable contingent coupon notes on S&P, Russell
By William Gullotti
Buffalo, N.Y., Nov. 23 – Barclays Bank plc priced $1.58 million of autocallable contingent coupon notes due Nov. 21, 2025 linked to the least performing of 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 semiannual coupon at an annual rate of 11.65% if each index closes at or above its coupon barrier level, 70% of its initial level, on the review date for that period.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any semiannual review date other than the final review date.
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 each 1% decline from the worst performer’s initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index
|
| Amount: | $1,576,000
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| Maturity: | Nov. 21, 2025
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| Coupon: | 11.65% annual rate, payable semiannually if each index closes at or above coupon barrier level on review date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any index finishes below trigger level, in which case 1% loss for each 1% decline of least performing index from initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any semiannual review date
|
| Initial levels: | 3,965.34 for S&P, 1,849.732 for Russell
|
| Coupon barrier: | 2,775.74 for S&P, 1,294.81 for Russell; 70% of initial levels
|
| Trigger levels: | 2,775.74 for S&P, 1,294.81 for Russell; 70% of initial levels
|
| Pricing date: | Nov. 18
|
| Settlement date: | Nov. 23
|
| Agent: | Barclays
|
| Fees: | 1.95%
|
| Cusip: | 06748XZW4
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