Published on 3/11/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $22.7 million contingent income callable securities on three indexes
By William Gullotti
Buffalo, N.Y., March 11 – Barclays Bank plc priced $22.7 million contingent income callable securities due March 4, 2027 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Nasdaq-100 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.3% if each index closes at or above its coupon barrier level, 75% of its initial index level, on the relevant observation date.
The notes will be callable at par plus any coupon due on any quarterly payment date.
If each index finishes at or above its downside threshold level, 75% of its initial index level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is the selected dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
|
| Amount: | $22,701,000
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| Maturity: | March 4, 2027
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| Coupon: | 9.3% per year, payable quarterly if each index closes at or above coupon barrier on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par plus final contingent coupon; if final level of any index is less than downside threshold, full exposure to decline of lowest-performing index
|
| Call option: | At par plus any coupon on any quarterly determination date
|
| Initial levels: | 2,054.843 for Russell, 5,096.27 for S&P, 18,043.85 for Nasdaq
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| Coupon barrier: | 1,541.132 for Russell, 3,822.203 for S&P, 13,532.888 for Nasdaq; 75% of initial levels
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| Downside thresholds: | 1,541.132 for Russell, 3,822.203 for S&P, 13,532.888 for Nasdaq; 75% of initial levels
|
| Pricing date: | Feb. 29
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| Settlement date: | March 5
|
| Agent: | Barclays
|
| Dealer: | Morgan Stanley Wealth Management
|
| Fees: | 2.25%
|
| Cusip: | 06745PXK2
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