Published on 9/15/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $650,000 callable contingent coupon notes on Russell, Dow, Nasdaq
By Kiku Steinfeld
Chicago, Sept. 15 – Barclays Bank plc priced $650,000 of callable contingent coupon notes due May 8, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 8.75% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call date starting after three months.
If the notes are not redeemed early and each index finishes at or above its 60% final barrier level, the payout at maturity will be par.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $650,000
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Maturity: | May 8, 2024
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Contingent coupon: | 8.75% per year, payable monthly if each index closes at or above coupon barrier on the observation date for that period
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Price: | Par
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Payout at maturity: | Par if each index finishes at or above final barrier level; otherwise, full exposure to decline of the worst performer from its initial level
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Call option: | In whole at par plus any coupon due on any monthly call date starting after three months
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Initial levels: | 33,390.97 for Dow, 1,928.263 for Russell, 12,290.81 for Nasdaq
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Coupon barriers: | 23,373.68 for Dow, 1,349.78 for Russell, 8,603.57 for Nasdaq; 70% of initial levels
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Final barrier levels: | 20,034.58 for Dow, 1,156.96 for Russell, 7,374.49 for Nasdaq; 60% of initial levels
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Pricing date: | March 3, 2023
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Settlement date: | March 8, 2023
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Agent: | Barclays
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Fees: | 0.6%
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Cusip: | 06749NUS9
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