Published on 4/10/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $898,000 callable contingent coupon notes linked to indexes, ETF
By Angela McDaniels
Tacoma, Wash., April 10 – Barclays Bank plc priced $898,000 of callable contingent coupon notes due April 17, 2025 linked to the Russell 2000 index, the Energy Select Sector SPDR fund and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at the rate of 14.1% per year if each asset closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that month.
Beginning Oct. 16, 2023, the notes are callable at par monthly.
If the final level of the least performing asset 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 assets: | Russell 2000 index, Energy Select Sector SPDR fund and S&P 500 index
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| Amount: | $898,000
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| Maturity: | April 17, 2025
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| Coupon: | 14.1% per year, payable monthly if each index closes at or above coupon barrier level on observation date for that month
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| Price: | Par
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| Payout at maturity: | Par unless final level of least performing index is less than barrier level, in which case 1% loss for every 1% that least performing index declines from initial level
|
| Call option: | Callable at par monthly beginning Oct. 16, 2023
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| Initial levels: | 1,931.09 for Russell, $81.45 for ETF and 4,505.42 for S&P
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| Coupon barrier levels: | 1,351.76 for Russell, $57.02 for ETF and 3,153.79 for S&P, or 70% of initial levels
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| Barrier levels: | 1,351.76 for Russell, $57.02 for ETF and 3,153.79 for S&P, or 70% of initial levels
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| Pricing date: | July 14, 2023
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| Settlement date: | July 19, 2023
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| Agent: | Barclays
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| Fees: | 0.65%
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| Cusip: | 06745MRZ3
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