Published on 10/27/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.5 million callable contingent coupon notes on S&P, Nasdaq, Russell
Chicago, Oct. 27 – Barclays Bank plc priced $3.5 million of callable contingent coupon notes due Oct. 22, 2026 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 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 10.75% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes are callable at par on any quarterly observation date.
The payout at maturity will be par unless any index finishes below its 60% barrier level, in which case investors will lose 1% for every 1% that the least performing index declines 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, Nasdaq-100 index and Russell 2000 index
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Amount: | $3,499,000
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Maturity: | Oct. 22, 2026
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Coupon: | 10.75% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for every 1% that least performing index declines from initial level
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Call: | Callable at par on any quarterly observation date
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Initial levels: | 4,314.60 for S&P, 14,909.26 for Nasdaq and 1,728.809 for Russell
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Coupon barrier levels: | 3,020.22 for S&P, 10,436.48 for Nasdaq and 1,210.17 for Russell; 70% of initial levels
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Barrier levels: | 2,588.76 for S&P, 8,945.56 for Nasdaq and 1,037.29 for Russell; 60% of initial levels
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Pricing date: | Oct. 18
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Settlement date: | Oct. 23
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Agent: | Barclays
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Fees: | 1%
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Cusip: | 06745NS80
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