Published on 2/9/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $339,000 phoenix autocallables linked to S&P, Russell, Nasdaq
By Angela McDaniels
Tacoma, Wash., Feb. 9 – Barclays Bank plc priced $339,000 of phoenix autocallable notes due May 3, 2028 linked to the S&P 500 index, the Russell 2000 index and the Nasdaq-100 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 10% per year if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that month.
Beginning Oct. 30, 2023, the notes will be automatically called at par if each index closes at or above its initial level on any quarterly observation date.
If the final level of the least performing index is greater than or equal to its barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing index declines 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: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $339,000
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| Maturity: | May 3, 2028
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| Coupon: | 10% per year, payable monthly if each index closes at or above barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | If final level of least performing index is greater than or equal to barrier level, par; otherwise, 1% loss for every 1% that least performing index declines from initial level
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| Call: | Beginning Oct. 30, 2023, automatically at par if each index closes at or above initial level on any quarterly observation date
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| Initial levels: | 4,169.48 for S&P, 1,768.987 for Russell and 13,245.99 for Nasdaq
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| Barrier levels: | 2,918.64 for S&P, 1,238.29 for Russell and 9,272.19 for Nasdaq, or 70% of initial level
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| Pricing date: | April 28, 2023
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| Settlement date: | May 3, 2023
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06749NZX3
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