Published on 10/30/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 phoenix autocallable notes on Dow, Russell, S&P
Chicago, Oct. 31 – Barclays Bank plc priced $500,000 of phoenix autocallable notes due March 3, 2025 linked to the least performing of the S&P 500 index, the Dow Jones industrial average 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 7.75% if each index closes at or above its 70% 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 plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier level but at or above 60% of its initial value, the payout will be par. 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: | Phoenix autocallable notes
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Underlying indexes: | S&P 500 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $500,000
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Maturity: | March 3, 2025
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Coupon: | 7.75% 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 plus final coupon if each index finishes at or above its coupon barrier; if the worst performer finishes below its coupon barrier but not below final barrier, par; 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 call observation date after six months
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Initial levels: | 4,373.94 for S&P, 33,892.6 for Dow, 2,048.09 for Russell
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Coupon barriers: | 3,061.76 for S&P, 23,724.82 for Dow, 1,433.66 for Russell; 70% of initial levels
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Final barriers: | 2,624.36 for S&P, 20,335.56 for Dow, 1,228.85 for Russell; 60% of initial levels
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Pricing date: | Feb. 28
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Settlement date: | March 3
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06748XHJ3
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