Published on 5/26/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.25 million autocallable contingent coupon notes on three indexes
By William Gullotti
Buffalo, N.Y., May 26 – Barclays Bank plc priced $1.25 million of autocallable contingent coupon notes due May 22, 2025 linked to the least performing of the Nasdaq-100 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 7.5% if each index closes at or above its coupon barrier level, 50% 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 monthly review date after six months.
If the notes have not been called and each index finishes at or above its 50% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from 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, Nasdaq-100 index, S&P 500 index
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| Amount: | $1.25 million
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| Maturity: | May 22, 2025
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| Coupon: | 7.5% annual rate, payable monthly 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
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger level, par plus final coupon; otherwise, full exposure to decline of worst performer from initial level
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly review date after six months
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| Initial levels: | 4,191.98 for S&P, 13,803.49 for Nasdaq, 1,773.717 for Russell
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| Coupon barrier: | 2,095.99 for S&P, 6,901.75 for Nasdaq, 886.86 for Russell; 50% of initial levels
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| Trigger levels: | 2,095.99 for S&P, 6,901.75 for Nasdaq, 886.86 for Russell; 50% of initial levels
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| Pricing date: | May 19
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| Settlement date: | May 24
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| Agent: | Barclays
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| Fees: | 0.4%
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| Cusip: | 06745MEA2
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