Published on 12/30/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.45 million autocallable contingent coupon notes on S&P, Russell
By William Gullotti
Buffalo, N.Y., Dec. 30 – Barclays Bank plc priced $2.45 million of autocallable contingent coupon notes due Dec. 26, 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% if each index closes at or above its coupon barrier level, 70% of its initial level, on the review date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any semiannual review date.
If the notes have not been called and each index finishes at or above its 70% trigger level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its 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: | $2,451,000
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| Maturity: | Dec. 26, 2025
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| Coupon: | 11% annual rate, payable semiannually if each index closes at or above coupon barrier level on review date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above trigger level, par plus all unpaid coupons; otherwise, full exposure to decline of worst performer 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: | 3,878.44 for S&P, 1,776.941 for Russell
|
| Coupon barrier: | 2,714.91 for S&P, 1,243.86 for Russell; 70% of initial levels
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| Trigger levels: | 2,714.91 for S&P, 1,243.86 for Russell; 70% of initial levels
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 27
|
| Agent: | Barclays
|
| Fees: | 0.45%
|
| Cusip: | 06749NB27
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