Published on 5/5/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.37 million callable contingent coupon notes on ETF, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, May 5 – Barclays Bank plc priced $2.37 million of callable contingent coupon notes due May 6, 2027 linked to the worst performing of the Energy Select Sector SPDR fund, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 14.3% if each asset closes at or above its coupon barrier level, 65% 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 valuation date after three months.
If the notes are not redeemed early, the payout will be par unless any asset finishes below 50% of its initial level, in which case investors will lose 1% for every 1% that the least performing asset declines.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | Russell 2000 index, Nasdaq-100 index and Energy Select Sector SPDR fund
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| Amount: | $2,374,000
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| Maturity: | May 6, 2027
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| Contingent coupon: | 14.3% per year, payable monthly if each asset closes at or above coupon barrier related observation date
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below its final barrier level, in which case investors will lose 1% for every 1% that the least performing asset declines
|
| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
|
| Initial levels: | 13,231.47 for Nasdaq, 1,769.211 for Russell, $84.17 for ETF
|
| Coupon barrier levels: | 8,600.46 for Nasdaq, 1,149.99 for Russell, $54.71 for ETF, 65% of initial levels
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| Trigger buffer levels: | 6,615.74 for Nasdaq, 884.61 for Russell, $42.09 for ETF, 50% of initial levels
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| Pricing date: | May 1
|
| Settlement date: | May 4
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| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06745M5E4
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