Published on 1/25/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $294,000 callable contingent coupon notes linked to Russell, Nasdaq, Dow
By Angela McDaniels
Tacoma, Wash., Jan. 25 – Barclays Bank plc priced $294,000 of callable contingent coupon notes due Oct. 31, 2024 linked to the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 7.75% per year if each index closes at or above its coupon barrier level, 50% of its initial level, on the valuation date for that month.
Beginning July 28, 2023, the notes are callable at par on any monthly valuation date.
The payout at maturity will be par unless the least performing index’s final level is less than its barrier level, 55% of its initial 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: | Russell 2000, Nasdaq-100 and Dow Jones industrial average
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| Amount: | $294,000
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| Maturity: | Oct. 31, 2024
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| Coupon: | 7.75% per year, payable monthly if each index closes at or above coupon barrier level on valuation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless least performing index’s final level is less than barrier level, in which case 1% loss for every 1% that least performing index declines from initial level
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| Call: | Beginning July 28, 2023, notes are callable at par on any monthly valuation date
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| Initial levels: | 1,768.987 for Russell, 13,245.99 for Nasdaq and 34,098.16 for Dow
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| Coupon barrier levels: | 884.49 for Russell, 6,623.00 for Nasdaq and 17,049.08 for Dow, or 50% of initial levels
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| Barrier levels: | 972.94 for Russell, 7,285.29 for Nasdaq and 18,753.99 for Dow, or 55% of initial levels
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| Pricing date: | April 28, 2023
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| Settlement date: | May 3, 2023
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| Agent: | Barclays
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| Fees: | 0.7%
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| Cusip: | 06745M6A1
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