Published on 8/1/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.99 million contingent income autocalls on S&P, Russell, Stoxx
By William Gullotti
Buffalo, N.Y., Aug. 1 – Barclays Bank plc priced $3.99 million of contingent income autocallable securities due July 17, 2025 linked to the least performing of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 8.6% per year if each index closes at or above its downside threshold level, 75% of its initial level, on the observation date for that period.
The notes will be automatically called at par plus the coupon if each index closes at or above its initial level on any observation date other than the final one.
If each index finishes at or above its downside threshold level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% that the least performing index declines from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is acting as a selected dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index, Russell 2000 index
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| Amount: | $3,986,000
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| Maturity: | July 17, 2025
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| Coupon: | 8.6% per year, payable quarterly if each index closes at or above downside threshold level on observation date for that period
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold level, par plus final coupon; otherwise, 1% loss for every 1% that least performing index declines from initial level
|
| Call: | Automatically at par plus coupon if each index closes at or above initial level on any observation date other than final one
|
| Initial index levels: | 4,505.42 for S&P, 4,400.11 for Stoxx, 1,931.09 for Russell
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| Downside threshold levels: | 3,379.065 for S&P, 3,300.083 for Stoxx, 1,448.318 for Russell; 75% of initial levels
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| Pricing date: | July 14
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| Settlement date: | July 19
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| Agent: | Barclays
|
| Selected dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2%
|
| Cusip: | 06745MRM2
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