Published on 8/8/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5 million trigger callable contingent yield notes linked to indexes
Chicago, Aug. 8 – Barclays Bank plc priced $5 million of trigger callable contingent yield notes (daily coupon observation) due Jan. 29, 2027 linked to least performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10.9% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on each trading day that quarter.
The notes will be callable at par on any quarterly call date.
If the notes are not called and the worst performing index’s final level is greater than or equal to its downside threshold level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the worst performing index’s final index level is less than its initial index level.
UBS Financial Services Inc. and Barclays are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger callable contingent yield notes (daily coupon observation)
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Nasdaq-100 index
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| Amount: | $5,000,000
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| Maturity: | Jan. 29, 2027
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| Coupon: | 10.9% per year, payable quarterly if each index closes at or above coupon barrier level on each trading day that quarter
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| Price: | Par of $10
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| Payout at maturity: | If notes are not called and worst performing index’s final index level is greater than or equal to downside threshold level, par; otherwise, 1% loss for every 1% that worst performing index’s final index level is less than initial index level
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| Call: | At par quarterly
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| Initial levels: | 1,954.896 for Russell, 4,537.41 for S&P and 15,464.93 for Nasdaq
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| Coupon barriers: | 1,368.427 for Russell, 3,176.19 for S&P and 10,825.45 for Nasdaq, or 70% of initial levels
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| Downside thresholds: | 1,172.938 for Russell, 2,722.45 for S&P and 9,278.96 for Nasdaq, or 60% of initial levels
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| Pricing date: | July 28
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| Settlement date: | July 31
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| Underwriters: | UBS Financial Services Inc. and Barclays
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| Fees: | 1%
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| Cusip: | 06748H692
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