Published on 7/20/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.86 million autocallable contingent coupon notes on Nasdaq, Russell, Gold Miners
By Wendy Van Sickle
Columbus, Ohio, July 20 – Barclays Bank plc priced $2.86 million of autocallable contingent coupon notes due Oct. 18, 2024 linked to the least performing of the VanEck Gold Miners ETF, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 16.85% if each index closes at or above its coupon barrier level, 65% of its initial level, on the review date for that period.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above its initial level on any monthly review date after six months.
If the notes have not been called, the payout at maturity will be par unless any index closes below its 65% trigger level 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 finishes below its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Autocallable contingent coupon notes
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| Underlying assets: | VanEck Gold Miners ETF, Russell 2000 index, Nasdaq-100 index
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| Amount: | $2,859,000
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| Maturity: | Oct. 18, 2024
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| Coupon: | 16.85% annual rate, payable monthly if each index closes at or above coupon barrier level on review date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any index closes below its trigger level 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 finishes below its initial level.
|
| Call: | Automatically at par plus contingent coupon if each index closes at or above initial level on any monthly review date after six months
|
| Initial levels: | $31.82 for Gold Miners, 15,307.23 for Nasdaq, 1,913.361 for Russell
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| Coupon barrier: | $20.68 for Gold Miners, 9,949.7 for Nasdaq, 1,256.69 for Russell; 65% of initial levels
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| Trigger levels: | $20.68 for Gold Miners, 9,949.7 for Nasdaq, 1,256.69 for Russell; 65% of initial levels
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| Pricing date: | July 12
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| Settlement date: | July 17
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| Agent: | Barclays
|
| Fees: | 0.25%
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| Cusip: | 06745MRD2
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