Published on 10/10/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $117,000 autocallable contingent coupon notes on S&P 500
By Kiku Steinfeld
Chicago, Oct. 10 – Barclays Bank plc priced $117,000 of autocallable contingent coupon notes due March 27, 2026 linked to the S&P 500 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 6.75% if the index closes at or above its coupon trigger level, 70% of the initial price, on the determination 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 the index closes at or above the initial level on any quarterly determination date after six months.
The payout at maturity will be par plus the final coupon unless the index finishes below its 70% trigger level, in which case investors will lose 1% for each 1% decline from the initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
|
| Underlying index: | S&P 500
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| Amount: | $117,000
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| Maturity: | March 27, 2026
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| Coupon: | 6.75% per year, payable quarterly if index closes at or above coupon trigger level on a related determination date, plus any previously unpaid coupons
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless the index finishes below its trigger level, in which case investors will lose 1% for each 1% decline from the initial level
|
| Call: | At par plus contingent coupon if index closes at or above initial level on any quarterly determination date after six months
|
| Initial level: | 3,970.99
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| Coupon trigger level: | 2,779.69, 70% of initial level
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| Trigger level: | 2,779.69, 70% of initial level
|
| Pricing date: | March 24, 2023
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| Settlement date: | March 29, 2023
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| Agent: | Barclays
|
| Fees: | 1.95%
|
| Cusip: | 06749NVU3
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