Published on 8/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.54 million callable contingent coupon notes on Russell, Dow, Nasdaq
By William Gullotti
Buffalo, N.Y., Aug. 28 – Barclays Bank plc priced $1.54 million of callable contingent coupon notes due Aug. 21, 2026 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 semiannual coupon at an annualized rate of 8.5% if each index closes at or above its coupon barrier level, 50% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any semiannual call date.
If the notes are not redeemed early and each index finishes at or above its 50% final barrier level, the payout at maturity will be par plus the final coupon.
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: | $1.54 million
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| Maturity: | Aug. 21, 2026
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| Contingent coupon: | 8.5% per year, payable semiannually 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 plus final coupon 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 semiannual call date
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| Initial levels: | 14,694.84 for Nasdaq, 34,500.66 for Dow, 1,859.421 for Russell
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| Coupon barriers: | 7,347.42 for Nasdaq, 17,250.33 for Dow, 929.71 for Russell; 50% of initial levels
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| Final barrier levels: | 7,347.42 for Nasdaq, 17,250.33 for Dow, 929.71 for Russell; 50% of initial levels
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| Pricing date: | Aug. 18
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| Settlement date: | Aug. 23
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| Agent: | Barclays
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| Fees: | 0.45%
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| Cusip: | 06745NAD8
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