Published on 9/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.29 million contingent coupon barrier notes on two indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 28 – Barclays Bank plc priced $3.29 million of contingent coupon barrier notes due Sept. 25, 2026 linked to the worst performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 8.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date.
If the notes are not redeemed early and each index finishes at or above its 70% final barrier level, the payout at maturity will be par plus any final coupon otherwise due.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Contingent coupon barrier notes
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Underlying indexes: | Russell 2000 index, S&P 500 index
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Amount: | $3,292,000
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Maturity: | Sept. 25, 2026
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Contingent coupon: | 8.5% per year, payable semiannually if each index closes at or above coupon barrier on the observation date
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Price: | Par
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Payout at maturity: | Par plus any final coupon otherwise due if each index finishes at or above its final barrier; otherwise, full exposure to decline of the worst performer from its initial level
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Initial levels: | 4,320.06 for S&P, 1,776.503 for Russell
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Coupon barriers: | 3,024.04 for S&P, 1,243.55 for Russell; 70% of initial levels
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Final barrier levels: | 3,024.04 for S&P, 1,243.55 for Russell; 70% of initial levels
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Pricing date: | Sept. 22
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Settlement date: | Sept. 27
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Agent: | Barclays
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Fees: | 0.8%
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Cusip: | 06745NHF6
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