Published on 9/15/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.6 million phoenix autocallable notes on Dow, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Sept. 15 – Barclays Bank plc priced $2.6 million of phoenix autocallable notes due Sept. 3, 2026 linked to the least performing of the Nasdaq-100 index, the Dow Jones industrial average and the Russell 2000 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 10% if each index closes at or above its 75% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly call observation date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above 75% of its initial level.
Otherwise, investors will lose 1% for each 1% decline of the worst performing index 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 indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $2,596,000
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Maturity: | Sept. 3, 2026
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Coupon: | 10% annualized, payable quarterly if each index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performing index from its initial level
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Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any quarterly call observation date after six months
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Initial levels: | 34,721.91 for Dow, 1,899.676 for Russell, 12,290.81 for Nasdaq
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Coupon barriers: | 26,041.43 for Dow, 1,424.76 for Russell, 11,625.8 for Nasdaq; 75% of initial levels
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Final barriers: | 26,041.43 for Dow, 1,424.76 for Russell, 11,625.8 for Nasdaq; 75% of initial levels
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Pricing date: | Aug. 31
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Settlement date: | Sept. 6
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Agent: | Barclays
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Fees: | 2%
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Cusip: | 06745NEB8
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