Published on 12/1/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.57 million buffered autocallable contingent coupon notes on indexes
By William Gullotti
Buffalo, N.Y., Dec. 1 – Barclays Bank plc priced $1.57 million of buffered autocallable contingent coupon notes due Nov. 26, 2027 linked to the least performing of the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an 8% annualized rate if each index closes at or above its 80% 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 automatically called at par plus coupon if each index 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 index finishes at or above 85% of initial level, otherwise investors will lose 1% for each 1% decline of that index beyond 15%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered autocallable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index
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| Amount: | $1.57 million
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| Maturity: | Nov. 26, 2027
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| Contingent coupon: | 8% annual rate, payable monthly if each index 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 an index finishes below buffer level; in which case 1% loss for each 1% decline of the worst performer beyond the 15% buffer
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| Call: | At par plus coupon if each index closes at or above initial level on any monthly observation date after one year
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| Initial levels: | 1,860.441 for Russell, 11,724.84 for Nasdaq
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| Coupon barrier levels: | 1,488.35 for Russell, 9,379.87 for Nasdaq; 80% of initial levels
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| Buffer levels: | 1,581.37 for Russell, 9,966.11 for Nasdaq; 85% of initial levels
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 28
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| Agent: | Barclays
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| Fees: | 3.75%
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| Cusip: | 06749N2R2
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