Published on 10/4/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $218,000 callable contingent coupon notes on Ford
By Kiku Steinfeld
Chicago, Oct. 4 – Barclays Bank plc priced $218,000 of callable contingent coupon notes due March 26, 2025 linked to Ford Motor Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 14.5% if Ford shares close at or above the 50% barrier level on the valuation date for that quarter, plus any previously unpaid coupons.
The notes are callable at par plus the contingent coupon on any interest payment date after six months.
If the notes are not called and the final share price is greater than or equal to the 50% barrier price, the payout at maturity will be par.
Otherwise, investors will be exposed to any losses or, at Barclays' option, they will receive a number of Ford shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stock: | Ford Motor Co. (Symbol: F)
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| Amount: | $218,000
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| Maturity: | March 26, 2025
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| Coupon: | 14.5% per year, payable quarterly if Ford shares close at or above barrier price on valuation date for that quarter, plus any previously unpaid coupons
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| Price: | Par
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| Payout at maturity: | Par if final share price is greater than or equal to barrier price; otherwise, exposure to share price decline or, at Barclays' option, 85.32423 Ford shares
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| Call option: | At par plus contingent coupon, if any, on any interest payment date after six months
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| Initial share price: | $11.72
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| Barrier price: | $5.86, 50% of initial share price
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| Pricing date: | March 21, 2023
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| Settlement date: | March 24, 2023
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| Agent: | Barclays
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| Fees: | 0%
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| Cusip: | 06741WZW3
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