Published on 11/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $740,000 phoenix autocallable notes on Nasdaq, Russell, Dow
By Kiku Steinfeld
Chicago, Nov. 28 – Barclays Bank plc priced $740,000 of phoenix autocallable notes due April 17, 2026 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.75% if each index closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par unless any index finishes below 75% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $740,000
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| Maturity: | April 17, 2026
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| Coupon: | 10.75% annualized, payable quarterly 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 any index finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing index from its initial level
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| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | 33,886.47 for Dow, 13,079.52 for Nasdaq, 1,781.154 for Russell
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| Coupon barriers: | 25,414.85 for Dow, 9,809.64 for Nasdaq, 1,335.87 for Russell; 75% of initial levels
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| Final barriers: | 25,414.85 for Dow, 9,809.64 for Nasdaq, 1,335.87 for Russell; 75% of initial levels
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| Pricing date: | April 14, 2023
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| Settlement date: | April 19, 2023
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06745M3Q9
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