Published on 3/31/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $300,000 callable contingent coupon notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, March 31 – Barclays Bank plc priced $300,000 of callable contingent coupon notes due June 13, 2024 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at annual rate of 12% if each index closes at or above its coupon barrier, 70% of its initial level, on the observation date for that month.
The notes will be callable monthly at par plus any coupon due on any monthly call valuation date after three months.
The payout at maturity will be par unless any index finishes below the 60% final barrier, in which case investors will lose 1% for each 1% decline of the worst performing index.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | S&P 500 index, Nasdaq-100 index and Russell 2000 index
|
| Amount: | $300,000
|
| Maturity: | June 13, 2024
|
| Coupon: | 12%, payable monthly if each index closes at or above coupon barrier on related observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any monthly call valuation date after three months
|
| Payout at maturity: | Par if all indexes close above final barrier level; otherwise 1% for each 1% decline of worse performing index
|
| Initial levels: | 11,563.33 for Nasdaq, 1,796.661 for Russell, 3,934.38 for S&P
|
| Coupon barriers: | 8,094.33 for Nasdaq, 1,257.66 for Russell, 2,754.07 for S&P, 70% of initial levels
|
| Final barrier levels: | 6,938.00 for Nasdaq, 1,078.00 for Russell, 2,360.63 for S&P, 60% of initial levels
|
| Pricing date: | Dec. 9
|
| Settlement date: | Dec. 14
|
| Agent: | Barclays
|
| Fees: | 0.25%
|
| Cusip: | 06749NCR1
|
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