Published on 7/6/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.84 million callable contingent coupon notes on Russell, Dow, Nasdaq
By William Gullotti
Buffalo, N.Y., July 6 – Barclays Bank plc priced $2.84 million of callable contingent coupon notes due Aug. 1, 2024 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 12% 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 three months.
If the notes have not been called, the payout at maturity will be par unless any index closes below its 70% final barrier on any trading day during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from 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: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $2,842,000
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Maturity: | Aug. 1, 2024
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Contingent coupon: | 12% 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 unless any index closes below its final barrier on any trading day during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer declines from initial level
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Call option: | In whole at par plus any coupon due on any monthly call date after three months
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Initial levels: | 14,939.95 for Nasdaq, 34,122.42 for Dow, 1,881.591 for Russell
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Coupon barriers: | 10,457.97 for Nasdaq, 23,885.69 for Dow, 1,317.11 for Russell; 70% of initial levels
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Final barrier levels: | 10,457.97 for Nasdaq, 23,885.69 for Dow, 1,317.11 for Russell; 70% of initial levels
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Pricing date: | June 29
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Settlement date: | July 5
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Agent: | Barclays
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Fees: | 0.9%
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Cusip: | 06745ML97
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