Published on 8/14/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $955,000 callable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, Aug. 14 – Barclays Bank plc priced $955,000 of callable contingent coupon notes due Feb. 27, 2026 linked to the worst performing of Ford Motor Co., General Motors Co. and Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 36.7% if each stock 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 after three months.
If the notes are not redeemed early, the payout at maturity will be par unless any stock finishes below its 50% final barrier level, in which case investors will be fully exposed to the decline of the least performing stock 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 stocks: | Ford Motor Co., General Motors Co. and Tesla, Inc.
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| Amount: | $955,000
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| Maturity: | Feb. 27, 2026
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| Contingent coupon: | 36.7% per year, payable monthly if each stock 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 unless any stock finishes below its final barrier level, in which case full exposure to decline of least performing stock from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly call date after three months
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| Initial levels: | $11.88 for Ford, $39.18 for GM, $196.88 for Tesla
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| Coupon barriers: | $8.32 for Ford, $27.43 for GM, $137.82 for Tesla 70% of initial levels
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| Final barrier levels: | $5.94 for Ford, $19.59 for GM, $98.44 for Tesla; 50% of initial levels
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| Pricing date: | Feb. 24, 2023
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| Settlement date: | March 1, 2023
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06749NQY1
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