Published on 11/7/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $311,000 callable contingent coupon notes on Russell, Dow, S&P
By Kiku Steinfeld
Chicago, Nov. 7 – Barclays Bank plc priced $311,000 of callable contingent coupon notes due April 9, 2027 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 9.5% if each index closes at or above its coupon barrier level, 70% of the initial value, on the related monthly observation date.
The notes will be callable in whole at par on any contingent coupon payment date after six months.
If each index finishes at or above its 60% barrier level, the payout at maturity will be par. Otherwise, investors will be exposed to the decline of the least performing index.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000 index, Dow Jones industrial average, S&P 500 index
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Amount: | $311,000
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Maturity: | April 9, 2027
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Contingent coupon: | 9.5% per year, payable each month that each underlying index closes at or above coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier value, par plus any coupon; otherwise investors will be exposed to the decline of the least performing index
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Call option: | At par on any contingent coupon payment date after six months
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Initial values: | 1,754.464 for Russell, 33,485.29 for Dow Jones, 4,105.02 for S&P
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Coupon barriers: | 1,228.12 for Russell, 23,439.70 for Dow Jones, 2,873.51 for S&P; 70% of initial values
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Final barriers: | 1,052.68 for Russell, 20,091.17 for Dow Jones, 2,463.01 for S&P; 60% of initial values
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Pricing date: | April 6, 2023
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Settlement date: | April 12, 2023
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Agent: | Barclays Capital Inc.
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Fees: | 0.75%
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Cusip: | 06745M2Q0
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