By Susanna Moon
Chicago, March 6 – Barclays Bank plc priced $2 million of phoenix autocallable notes due Feb. 22, 2023 linked to the Russell 2000 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 the index closes at or above its 70% coupon barrier on the observation date for that period.
The notes will be called at par plus the contingent coupon if the index closes at or above its initial level on any call observation date other than the final date.
The payout at maturity will be par unless the underlying index finishes below its 70% trigger level, in which case investors will be fully exposed to any losses.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying index: | Russell 2000
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| Amount: | $2 million
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| Maturity: | Feb. 22, 2023
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| Coupon: | 9.25% annualized, payable semiannually if index closes at or above 70% coupon barrier on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless index finishes below 70% trigger, in which case 1% loss per 1% decline
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| Call: | At par plus contingent coupon if index closes at or above initial level on any observation date other than final date
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| Call option: | At par on any interest payment date
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| Initial level: | 1,543.55
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| Trigger level: | 1,080.49, 70% of initial level
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| Pricing date: | Feb. 16
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| Settlement date: | Feb. 22
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| Agent: | Barclays
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| Fees: | None
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| Cusip: | 06744CWX5
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