Published on 2/8/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $180,000 callable contingent coupon notes on index, ETF
Chicago, Feb. 8 – Barclays Bank plc priced $180,000 of callable contingent coupon notes due May 26, 2026 linked to the least performing of the Nasdaq-100 index and the Financial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 10.75% if each underlier 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 semiannual call date.
If the notes are not redeemed early and each underlier finishes at or above its 70% final barrier, 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 assets: | Nasdaq-100 index, Financial Select Sector SPDR Fund
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| Amount: | $180,000
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| Maturity: | May 26, 2026
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| Contingent coupon: | 10.75% per year, payable semiannually if each underlier 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: | If the final level of each underlier is greater than or equal to its final barrier, par plus final coupon; otherwise, lose 1% for every 1% 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: | $32.60 for ETF, 13,803.49 for index
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| Coupon barriers: | $22.82 for ETF, 9,662.44 for index; 70% of initial levels
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| Final barrier levels: | $22.82 for ETF, 9,662.44 for index; 70% of initial levels
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| Pricing date: | May 19, 2023
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| Settlement date: | May 24, 2023
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| Agent: | Barclays
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| Fees: | 1.95%
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| Cusip: | 06745MAC2
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