Published on 12/2/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5.03 million callable contingent coupon notes on Russell, S&P, Dow
By William Gullotti
Buffalo, N.Y., Dec. 2 – Barclays Bank plc priced $5.03 million of callable contingent coupon notes due Dec. 2, 2027 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index and the S&P 500 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 observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call date after six months.
If the notes are not redeemed early and each index finishes at or above the 70% 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: | Dow Jones industrial average, Russell 2000 index, S&P 500 index
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Amount: | $5,028,000
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Maturity: | Dec. 2, 2027
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Contingent coupon: | 13% per year, payable monthly 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 monthly call date after six months
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Initial levels: | 33,852.53 for Dow, 3,957.63 for S&P, 1,836.551 for Russell
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Coupon barriers: | 23,826.77 for Dow, 2,770.34 for S&P, 1,285.59 for Russell; 70% of initial levels
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Final barrier levels: | 23,826.77 for Dow, 2,770.34 for S&P, 1,285.59 for Russell; 70% of initial levels
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Pricing date: | Nov. 29
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Settlement date: | Dec. 2
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Agent: | Barclays
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Fees: | 0.5%
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Cusip: | 06749N4S8
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