Published on 2/9/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $566,000 callable contingent coupon linked to S&P, Russell, Nasdaq
By Angela McDaniels
Tacoma, Wash., Feb. 9 – Barclays Bank plc priced $566,000 of callable contingent coupon notes due May 1, 2026 linked to the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its coupon barrier level, 80% of its initial level, on a quarterly observation date, the notes will pay a contingent coupon at the rate of 11.5% per year plus any previously unpaid contingent coupons.
The notes are callable at par quarterly.
If the final level of the least performing index is greater than or equal to its barrier level, 70% of its initial level, the payout at maturity will be par. Otherwise, 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, Russell 2000 index and Nasdaq-100 index
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| Amount: | $566,000
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| Maturity: | May 1, 2026
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| Coupon: | 11.5% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter; previously unpaid contingent coupons will also be paid
|
| Price: | Par
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| Payout at maturity: | If final level of least performing index is greater than or equal to barrier level, par; otherwise, 1% loss for every 1% that least performing index declines from initial level
|
| Call option: | At par quarterly
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| Initial levels: | 4,169.48 for S&P, 1,768.987 for Russell and 13,245.99 for Nasdaq
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| Coupon barrier levels: | 3,335.58 for S&P, 1,415.19 for Russell and 10,596.79 for Nasdaq, or 80% of initial levels
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| Barrier levels: | 2,918.64 for S&P, 1,238.29 for Russell and 9,272.19 for Nasdaq, or 70% 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: | 0.8%
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| Cusip: | 06749NZU9
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