Published on 8/8/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.67 million callable contingent coupon notes on S&P, Russell, Nasdaq
Chicago, Aug. 8 – Barclays Bank plc priced $5.67 million of callable contingent coupon notes due May 1, 2025 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 monthly coupon at an annualized rate of 9% if each index closes at or above its coupon barrier level, 80% of its initial level, on the valuation date for that period.
The notes are callable at par monthly starting after three months.
If each index finishes at or above its 70% 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
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
|
| Amount: | $5,670,000
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| Maturity: | May 1, 2025
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| Contingent coupon: | 9% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| 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
|
| Call option: | At par monthly starting after three months
|
| Initial levels: | 4,566.75 for S&P, 1,980.355 for Russell and 15,499.26 for Nasdaq
|
| Coupon barrier levels: | 3,653.40 for S&P, 1,584.28 for Russell and 12,399.41 for Nasdaq, or 80% of initial levels
|
| Final barrier levels: | 3,196.73 for S&P, 1,386.25 for Russell and 10,849.48 for Nasdaq, or 70% of initial levels
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| Pricing date: | July 26
|
| Settlement date: | July 31
|
| Agent: | Barclays
|
| Fees: | 2.17%
|
| Cusip: | 06745MNR5
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