Published on 5/11/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.21 million buffered autocallable contingent coupon notes on indexes
By Wendy Van Sickle
Columbus, Ohio, May 11 – Barclays Bank plc priced $7.21 million of buffered autocallable contingent coupon notes due May 13, 2026 linked to the least performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of at a 9.5% annualized rate if each index closes at or above its 70% coupon barrier value on the related observation date.
The notes will be automatically called at par plus coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above 70% of initial level, otherwise investors will lose 1.428571% for each 1% decline of that index beyond 30%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered autocallable contingent coupon notes
|
| Underlying indexes: | Russell 2000 index, Nasdaq-100 index
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| Amount: | $7,214,000
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| Maturity: | May 13, 2026
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| Contingent coupon: | 9.5% annual rate, payable monthly if each index closes at or above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless an index finishes below buffer level; in which case 1.428571% loss for each 1% decline of the worst performer beyond 30%
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Initial levels: | 13,291.64 for Nasdaq, 1,754.47 for Russell, 4,138.12 for S&P
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| Coupon barrier levels: | 9,304.15 for Nasdaq, 1,228.13 for Russell, 2,896.68 for S&P; 70% of initial levels
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| Buffer levels: | 9,304.15 for Nasdaq, 1,228.13 for Russell, 2,896.68 for S&P; 70% of initial levels
|
| Pricing date: | May 8
|
| Settlement date: | May 11
|
| Agent: | Barclays
|
| Fees: | 0.7%
|
| Cusip: | 06745MCP1
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