Published on 6/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.26 million phoenix autocallable notes on Adobe
Chicago, June 21 – Barclays Bank plc priced $1.26 million of phoenix autocallable notes due Dec. 5, 2024 linked to the performance of Adobe Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13.25% if the stock closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if the stock closes at or above its initial level on any quarterly call observation date.
If the notes are not called and the stock finishes at or above its final barrier price, 75% of its initial share price, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the losses of the stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying stock: | Adobe Inc.
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Amount: | $1,258,000
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Maturity: | Dec. 5, 2024
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Coupon: | 13.25% annualized, payable quarterly if stock closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par unless underlying stock finishes below final barrier, in which case full exposure to loss of stock
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Call: | At par plus contingent coupon if underlying stock closes at or above initial level on any quarterly call observation date
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Initial level: | $417.79
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Coupon barrier: | $313.34, 75% of initial level
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Final barrier: | $313.34, 75% of initial level
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Pricing date: | May 31
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Settlement date: | June 5
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Agent: | Barclays
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Fees: | 2.75%
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Cusip: | 06745MEQ7
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