Published on 6/27/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.41 million phoenix autocallable notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, June 27 – Barclays Bank plc priced $1.41 million of phoenix autocallable notes due June 26, 2028 linked to the least performing of the Technology Select Sector SPDR fund, 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 monthly coupon at an annual rate of 8% if each underlier 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 underlier closes at or above its initial level on any quarterly call observation date after one year.
The payout at maturity will be par if each underlier finishes at or above its 60% final barrier.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Phoenix autocallable notes
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| Underlying assets: | Technology Select Sector SPDR fund, Dow Jones industrial average and Russell 2000 index
|
| Amount: | $1,406,000
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| Maturity: | June 26, 2028
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| Coupon: | 8% annualized, payable quarterly if each underlier closes at or above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par if each underlier finishes at or above its final barrier; otherwise, 1% loss for each 1% decline of the worst performer from initial level
|
| Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any quarterly call observation date after one year
|
| Initial levels: | 1,863.015 for Russell, 33,951.52 for Dow, $169.12 for fund
|
| Coupon barriers: | 1,397.26 for Russell, 25,463.64 for Dow, $126.84 for fund; 75% of initial levels
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| Final barriers: | 1,117.81 for Russell, 20,370.91 for Dow, $101.47 for fund; 60% of initial levels
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| Pricing date: | June 21
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| Settlement date: | June 26
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| Agent: | Barclays
|
| Fees: | 4.125%
|
| Cusip: | 06745MJF6
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