Published on 12/11/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $525,000 autocallable contingent coupon notes on S&P, Russell
By Kiku Steinfeld
Chicago, Dec. 11 – Barclays Bank plc priced $525,000 of autocallable contingent coupon notes due April 24, 2026 linked to the performance of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at an annual rate of 9.25% if each index closes at or above its coupon barrier level, 70% of its initial level, on the review date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any semiannual review date.
If the notes have not been called and each index finishes at or above its 70% trigger level, the payout at maturity will be par plus all unpaid coupons.
Otherwise, investors will lose 1% for every 1% decline of the laggard index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $525,000
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| Maturity: | April 24, 2026
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| Coupon: | 9.25% annual rate, payable semiannually if each index closes at or above coupon barrier level on review date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above trigger level, par plus all unpaid coupons; otherwise, full exposure to decline of worst performer from initial level
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any semiannual review date
|
| Initial levels: | 4,133.52 for S&P, 1,791.506 for Russell
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| Coupon barrier: | 2,893.46 for S&P, 1,254.05 for Russell; 70% of initial levels
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| Trigger levels: | 2,893.46 for S&P, 1,254.05 for Russell; 70% of initial levels
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| Pricing date: | April 21, 2023
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| Settlement date: | April 26, 2023
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| Agent: | Barclays
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| Fees: | 0.45%
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| Cusip: | 06745M2J6
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