Published on 10/17/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $82,000 phoenix autocallable notes on four tech stocks
By Kiku Steinfeld
Chicago, Oct. 17 – Barclays Bank plc priced $82,000 of phoenix autocallable notes due April 2, 2026 linked to the least performing of the stocks of Alphabet Inc., Amazon.com, Inc., Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11.55% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par if each stock finishes at or above its 60% final barrier.
Otherwise, investors will lose 1% for each 1% decline of the worst performing stock 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: | Alphabet Inc., Amazon.com, Inc., Apple Inc., Microsoft Corp.
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| Amount: | $82,000
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| Maturity: | April 2, 2026
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| Coupon: | 11.55% per year 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: | Par if each stock finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performing stock from its initial level
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| Call: | Automatically at par plus contingent coupon if each stock closes at or above initial level on any quarterly call observation date after six months
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| Initial levels: | $101.36 for Alphabet, $97.24 for Amazon, $157.65 for Apple, $275.23 for Microsoft
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| Coupon barrier levels: | $50.68 for Alphabet, $48.62 for Amazon, $78.83 for Apple, $137.62 for Microsoft; 50% of initial levels
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| Barrier levels: | $50.68 for Alphabet, $48.62 for Amazon, $78.83 for Apple, $137.62 for Microsoft; 50% of initial levels
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| Pricing date: | March 28, 2023
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| Settlement date: | March 31, 2023
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| Agent: | Barclays
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| Fees: | 3%
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| Cusip: | 06749NV74
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