Published on 4/7/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 callable contingent coupon notes on three indexes
By Kiku Steinfeld
Chicago, April 10 – Barclays Bank plc priced $500,000 of callable contingent coupon notes due Dec. 20, 2027 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the MSCI EAFE index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 13% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related monthly observation date.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date after six months.
If the notes are not redeemed early, the payout at maturity will be par unless any index finishes below 70% of its initial level, in which case investors will lose 1% for every 1% that the least performing index falls below 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: | S&P 500 index, Russell 2000 index, MSCI EAFE index
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Amount: | $500,000
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Maturity: | Dec. 20, 2027
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Contingent coupon: | 13% per year, payable each month that each index closes at or above coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | Par unless any index finishes below its final barrier level, in which case 1% loss for every 1% decline of least performing index
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Call option: | In whole at par plus any coupon due on any monthly valuation date after six months
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Initial levels: | 3,895.75 for S&P, 1,774.60 for Russell, 1,961.54 for MSCI EAFE
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Coupon barriers: | 2,727.03 for S&P, 1,242.22 for Russell, 1,373.08 for MSCI EAFE, 70% of initial levels
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Final barrier levels: | 2,727.03 for S&P, 1,242.22 for Russell, 1,373.08 for MSCI EAFE, 70% of initial levels
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Pricing date: | Dec. 15
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Settlement date: | Dec. 20
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Agent: | Barclays
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Fees: | 0.25%
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Cusip: | 06749NC91
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