Published on 1/25/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $609,000 phoenix autocallables linked to Dow, Russell, Nasdaq
By Angela McDaniels
Tacoma, Wash., Jan. 25 – Barclays Bank plc priced $609,000 of phoenix autocallable notes due May 1, 2025 linked to the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 11.15% per year if each index closes at or above its barrier level, 70% of its initial level, on the observation date for that month.
Beginning July 28, 2023, the notes will be automatically called at par if each index closes at or above its initial level on any monthly call valuation date.
The payout at maturity will be par unless the least performing index’s final level is less than its barrier level, in which case investors will lose 1% for every 1% that the least performing index’s final level is less than 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: | Dow Jones industrial average, Russell 2000 and Nasdaq-100
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| Amount: | $609,000
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| Maturity: | May 1, 2025
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| Coupon: | 11.15% per year, payable monthly if each index closes at or above barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless least performing index’s final level is less than barrier level, in which case 1% loss for every 1% that least performing index’s final level is less than initial level
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| Call: | Beginning July 28, 2023, automatically at par if each index closes at or above initial level on any monthly call valuation date
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| Initial levels: | 34,098.16 for Dow, 1,768.987 for Russell and 13,245.99 for Nasdaq
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| Barrier levels: | 23,868.71 for Dow, 1,238.29 for Russell and 9,272.19 for Nasdaq, or 70% of initial levels
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| Pricing date: | April 28, 2023
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| Settlement date: | May 3, 2023
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| Agent: | Barclays
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| Fees: | 0.45%
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| Cusip: | 06745M5J3
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