Published on 7/25/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $995,000 phoenix autocallable notes linked to three stocks
By William Gullotti
Buffalo, N.Y., July 25 – Barclays Bank plc priced $995,000 of phoenix autocallable notes due Oct. 24, 2024 linked to the least performing of the stocks of Caterpillar Inc., Home Depot, Inc. and United States Steel Corp., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 15.25% if each stock closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date after three months.
If the notes are not called and each stock finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above its 60% barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer 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 stocks: | Caterpillar Inc., Home Depot, Inc., United States Steel Corp.
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| Amount: | $995,000
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| Maturity: | Oct. 24, 2024
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| Coupon: | 15.25% annualized, payable monthly if each stock closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | If each stock finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, lose 1% for every 1% decline of the worst performer from initial level
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after three months
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| Initial levels: | $262.75 for Caterpillar, $319.48 for Home Depot, $24.64 for U.S. Steel
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| Coupon barriers: | $183.93 for Caterpillar, $223.64 for Home Depot, $17.25 for U.S. Steel; 70% of initial levels
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| Final barriers: | $157.65 for Caterpillar, $157.65 for Home Depot, $14.78 for U.S. Steel; 60% of initial levels
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| Pricing date: | July 19
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| Settlement date: | July 24
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06745MT57
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