Published on 3/26/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $589,000 callable contingent coupon notes on Russell, S&P
By Kiku Steinfeld
Chicago, March 26 – Barclays Bank PLC priced $589,000 of callable contingent coupon index-linked securities due July 6, 2026 linked to the Russell 2000 index and S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Investors will receive a coupon of 8.49% paid quarterly if the worst performing index closes at or above its 70% coupon barrier on the related valuation date.
The securities may be called at par after six months on any quarterly coupon payment date.
If each index finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the agent.
Issuer: | Barclays Bank PLC
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Issue: | Callable contingent coupon index-linked securities
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Underlying indexes: | Russell 2000 index and S&P 500 index
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Amount: | $589,000
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Maturity: | July 6, 2026
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Coupon: | 8.49% annual rate, paid quarterly if the worst performing index closes at or above its 70% coupon barrier on the related valuation date
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Price: | Par
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Payout at maturity: | If each index finishes at or above final barrier, par plus coupon; otherwise, full exposure to losses of least-performing index
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Call: | At par after six months on any quarterly coupon payment date
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Initial levels: | 1,888.734 for Russell, 4,450.38 for S&P
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Coupon barriers: | 1,322.11 for Russell, 3,115.27 for S&P, 70% of initial levels
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Pricing date: | June 30, 2023
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Settlement date: | July 6, 2023
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Agent: | Barclays
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Fees: | 1.95%
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Cusip: | 06745MLS5
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