Published on 9/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.92 million buffered autocallable contingent coupon notes on stocks
By William Gullotti
Buffalo, N.Y., Sept. 21 – Barclays Bank plc priced $2.92 million of buffered autocallable contingent coupon notes due Sept. 18, 2026 linked to the stock performance of CVS Health Corp., Walt Disney Co. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of at a 10% annualized rate if each stock closes at or above its 65% coupon barrier value on the related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be called automatically at par plus the coupon if each stock closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par plus the final coupon if each stock finishes at or above 65% of initial level.
Otherwise, investors will lose 1% for each 1% decline of the worst performer beyond 35%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable contingent coupon notes
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| Underlying stocks: | CVS Health Corp., Walt Disney Co., Verizon Communications Inc.
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| Amount: | $2.92 million
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| Maturity: | Sept. 18, 2026
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| Contingent coupon: | 10% annual rate, payable monthly if each stock closes at or above coupon barrier level on related observation date; coupon payment events will automatically include any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless a stock finishes below buffer level, in which case 1% loss for each 1% decline of the worst performer beyond the buffer
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| Call: | At par plus coupon if each stock closes at or above initial level on any monthly observation date after one year
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| Initial levels: | $70.87 for CVS, $85.58 for Disney, $33.79 for Verizon
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| Coupon barrier levels: | $46.07 for CVS, $55.63 for Disney, $21.96 for Verizon; 65% of initial levels
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| Buffer levels: | $46.07 for CVS, $55.63 for Disney, $21.96 for Verizon; 65% of initial levels
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| Pricing date: | Sept. 15
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| Settlement date: | Sept. 20
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06745NHV1
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