Published on 9/14/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 contingent coupon buffered autocallables linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., Sept. 14 – Barclays Bank plc priced $500,000 of buffered autocallable contingent coupon notes due Sept. 11, 2023 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 8.25% per year if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that month.
Beginning in December 2022, the notes will be automatically called at par if each index closes at or above its initial level on any monthly observation date.
The payout at maturity will be par unless the lesser performing index finishes below its buffer level, 80% of its initial level, in which case investors will lose 1% for every 1% that the lesser performing index declines beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable contingent coupon notes
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| Underlying indexes: | S&P 500 index and the Russell 2000 index
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| Amount: | $500,000
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| Maturity: | Sept. 11, 2023
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| Coupon: | 8.25% per year, payable monthly if each index closes at or above coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless lesser performing index finishes below buffer level, in which case 1% loss for every 1% that lesser performing index declines beyond 20%
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| Call: | Beginning in December 2022, automatically at par if each index closes at or above initial level on any monthly observation date
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| Initial levels: | 3,924.26 for S&P and 1,809.748 for Russell
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| Coupon barrier levels: | 3,139.41 for S&P and 1,447.80 for Russell, or 80% of initial levels
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| Buffer levels: | 3,139.41 for S&P and 1,447.80 for Russell, or 80% of initial levels
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| Pricing date: | Sept. 2, 2022
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| Settlement date: | Sept. 8, 2022
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| Agent: | Barclays
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| Fees: | 0.6%
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| Cusip: | 06748XQM6
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