Published on 11/10/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.32 million callable contingent coupon notes on Russell, Utilities Select, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Nov. 10 – Barclays Bank plc priced $1.32 million of callable contingent coupon notes due Aug. 8, 2028 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Utilities Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 15% if each index closes at or above its coupon barrier level, 75% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call valuation date.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon, if any, if each index’s final value is greater than or equal to its 60% final barrier.
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: | Callable contingent coupon notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Utilities Select Sector SPDR fund
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| Amount: | $1,322,000
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| Maturity: | Aug. 8, 2028
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| Contingent coupon: | 15% per year, payable quarterly if each index closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon, if any, if each index finishes at or above final barrier; otherwise, full exposure to decline of the worst performer from its initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly call valuation date
|
| Initial levels: | $61.86 for Utilities Select, 1,760.705 for Russell, 15,099.49 for Nasdaq
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| Coupon barriers: | $46.40 for Utilities Select, 1,320.53 for Russell, 11,324.62 for Nasdaq; 75% of initial levels
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| Final barrier levels: | $37.12 for Utilities Select, 1,056.42 for Russell, 9,059.69 for Nasdaq; 60% of initial levels
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| Pricing date: | Nov. 3
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| Settlement date: | Nov. 8
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| Agent: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06745NVX1
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