Published on 8/4/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 callable contingent coupon notes on S&P, Russell, Nasdaq
By Angela McDaniels
Tacoma, Wash., Aug. 4 – Barclays Bank plc priced $500,000 of callable contingent coupon notes due Sept. 14, 2026 linked to the least performing of the S&P 500 index, 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 quarterly coupon at an annualized rate of 8.05% if each index closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
Beginning in March 2023, the notes are callable at par quarterly.
If each index finishes at or above its 60% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the least performing index’s decline 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: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $500,000
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| Maturity: | Sept. 14, 2026
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| Contingent coupon: | 8.05% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par if each index finishes at or above final barrier; otherwise, investors will lose 1% for each 1% decline of least performing index
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| Call option: | Beginning in March 2023, at par quarterly
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| Initial levels: | 4,067.36 for S&P, 1,882.85 for Russell and 12,588.29 for Nasdaq
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| Coupon barrier levels: | 2,440.42 for S&P, 1,129.71 for Russell and 7,552.97 for Nasdaq, or 60% of initial levels
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| Final barrier levels: | 2,440.42 for S&P, 1,129.71 for Russell and 7,552.97 for Nasdaq, or 60% of initial levels
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| Pricing date: | Sept. 9, 2022
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| Settlement date: | Sept. 14, 2022
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| Agent: | Barclays
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| Fees: | 3.5%
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| Cusip: | 06748XRD5
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