Published on 1/6/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $259,000 autocallable contingent coupon notes on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, Jan. 8 – Barclays Bank plc priced $259,000 of autocallable contingent coupon notes due April 30, 2026 linked to the least performing of the S&P 500 index, 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 8.5% if each index closes at or above its 80% coupon barrier on a related observation date, plus any previously unpaid coupons.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly valuation date after six months.
The payout at maturity will be par if each index finishes at or above its 70% final barrier.
Otherwise, 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: | Autocallable contingent coupon notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $259,000
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| Maturity: | April 30, 2026
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| Coupon: | 8.5% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above its final barrier; otherwise, 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 valuation date after six months
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| Initial levels: | 4,071.63 for S&P, 12,725.11 for Nasdaq, 1,745.952 for Russell
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| Coupon barriers: | 3,257.30 for S&P, 10,180.09 for Nasdaq, 1,396.76 for Russell; 80% of initial levels
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| Final barriers: | 2,850.14 for S&P, 8,907.58 for Nasdaq, 1,222.17 for Russell; 70% of initial levels
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| Pricing date: | April 25, 2023
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| Settlement date: | April 28, 2023
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| Agent: | Barclays
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| Fees: | 2.8%
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| Cusip: | 06749NZM7
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