Published on 6/30/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.57 million autocallable contingent coupon notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, June 30 – Barclays Bank plc priced $5.57 million of autocallable contingent coupon notes due June 27, 2024 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 quarterly coupon of at an 8% annualized rate if each index closes at or above its 65% 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.
The payout at maturity will be par if each index finishes at or above its initial level or has never closed below 60% of the initial level during the life of the notes. Otherwise investors will lose 1 % for each 1% decline of that index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $5,566,000
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| Maturity: | June 27, 2024
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| Contingent coupon: | 8% annual rate, payable quarterly if each index closes at or above coupon barrier level on related observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless an index finishes below initial level and ever closes below barrier level; in which case 1 % loss for each 1% decline of the worst performer
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date
|
| Initial levels: | 4,348.33 for S&P, 1,821.635 for Russell
|
| Coupon barrier levels: | 2,826.41 for S&P, 1,184.06 for Russell; 65% of initial levels
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| Barrier levels: | 2,609.0 for S&P, 1,092.98 for Russell; 60% of initial levels
|
| Pricing date: | June 23
|
| Settlement date: | June 28
|
| Agent: | Barclays
|
| Fees: | 0.725%
|
| Cusip: | 06745MLD8
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