Published on 7/14/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.03 million phoenix autocallable notes linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, July 14 – Barclays Bank plc priced $3.03 million of phoenix autocallable notes due July 10, 2025 linked to least performing of stocks of Airbnb, Inc., Alphabet Inc. and Amazon.com, Inc., according to a 424B2 filing with Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 22% if each stock closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus contingent coupon if each stock closes at or above its initial level on any monthly call observation date after three months.
If the notes are not called and each stock finishes at or above its 60% barrier level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will have full exposure to the loss of the worst performing stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying stocks: | Airbnb, Inc., Alphabet Inc., Amazon.com, Inc.
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| Amount: | $3.03 million
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| Maturity: | July 10, 2025
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| Coupon: | 22% 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: | If each stock finishes at or above barrier level, par plus final coupon; otherwise, investors will have full exposure to the loss of the worst performing stock
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| Call: | Automatically at par plus coupon if each stock closes at or above initial level on any monthly observation date after three months
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| Initial levels: | $131.69 for Airbnb, $121.75 for Alphabet, $130.38 for Amazon
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| Coupon barriers: | $79.01 for Airbnb, $73.05 for Alphabet, $78.23 for Amazon; 60% of initial levels
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| Final barriers: | $79.01 for Airbnb, $73.05 for Alphabet, $78.23 for Amazon; 60% of initial levels
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| Pricing date: | July 5
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| Settlement date: | July 10
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| Agent: | Barclays
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| Fees: | 0.65%
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| Cusip: | 06745MPF9
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