Published on 8/29/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $598,000 phoenix autocallables linked to S&P, Russell, Nasdaq
By Angela McDaniels
Tacoma, Wash., Aug. 29 – Barclays Bank plc priced $598,000 of phoenix autocallable notes due Sept. 11, 2025 linked to the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 10.4% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that month.
Beginning in December 2022, the notes will be called at par if the indexes close at or above their initial levels on any monthly call observation date.
The payout at maturity will be par unless any index finishes below 50% of its initial level, in which case investors will be fully exposed to the losses of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $598,000
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| Maturity: | Sept. 11, 2025
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| Coupon: | 10.4% per year, payable monthly if each index closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless least performing index finishes below barrier level, in which case full exposure to loss of least performing index
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| Call: | At par if each index closes at or above initial level on any monthly call observation date after one year
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| Initial levels: | 3,979.87 for S&P, 1,832.00 for Russell and 12,259.39 for Nasdaq
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| Coupon barrier: | 2,785.91 for S&P, 1,282.40 for Russell and 8,581.57 for Nasdaq, or 70% of initial levels
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| Barrier levels: | 1,989.94 for S&P, 916.00 for Russell and 6,129.70 for Nasdaq, or 50% of initial levels
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| Pricing date: | Sept. 7, 2022
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| Settlement date: | Sept. 12, 2022
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06748XRQ6
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