Published on 10/26/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $689,000 buffered contingent coupon autocallables linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., Oct. 26 – Barclays Bank plc priced $689,000 of buffered autocallable contingent coupon notes due Nov. 5, 2025 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 10% if each index closes at or above its coupon barrier level, 80% of its initial level, on the valuation date for that period.
Beginning in May 2023, the notes will be automatically called at par if each index closes at or above its initial level on any monthly observation date.
If each index finishes at or above its 80% buffer level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least 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 Russell 2000 index
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| Amount: | $689,000
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| Maturity: | Nov. 5, 2025
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| Coupon: | 10% per year, payable monthly if each index closes at or above coupon barrier level on valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any index finishes below buffer level, in which case 1% loss for every 1% that least performing index declines beyond 20%
|
| Call: | Beginning in May 2023, automatically at par if each index closes at or above initial level on any monthly observation date
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| Initial levels: | 3,871.98 for S&P and 1,846.863 for Russell
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| Coupon barrier levels: | 3,097.58 for S&P and 1,477.49 for Russell, or 80% of initial levels
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| Buffer levels: | 3,097.58 for S&P and 1,477.49 for Russell, or 80% of initial levels
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| Pricing date: | Oct. 31, 2022
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| Settlement date: | Nov. 3, 2022
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06748XXH9
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