Published on 3/8/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.7 million contingent income callable securities on three indexes
By Wendy Van Sickle
Columbus, Ohio, March 8 – Barclays Bank plc priced $6.7 million contingent income callable securities due March 6, 2025 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 10.65% if each index closes at or above its coupon barrier level, 65% of its initial index level, on each scheduled trading day for the observation period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be callable at par plus any coupon due on any quarterly payment date.
If each index finishes at or above its coupon barrier, the payout at maturity will be par plus any final contingent coupon otherwise due.
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
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Issue: | Contingent income callable securities
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Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
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Amount: | $6,704,000
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Maturity: | March 6, 2025
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Coupon: | 10.65% per year, payable quarterly if each index closes at or above coupon barrier on each scheduled trading day during the determination period; coupon payment events will automatically include any previously unpaid coupons
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Price: | Par
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Payout at maturity: | If each index finishes at or above coupon barrier, par plus any final contingent coupon due; otherwise, full exposure to decline of lowest-performing index
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Call option: | At par plus any coupon on any quarterly determination date
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Initial levels: | 1,928.263 for Russell, 4,045.64 for S&P, 12,290.81 for Nasdaq
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Coupon barrier: | 1,253.371 for Russell, 2,629.666 for S&P, 7,989.027 for Nasdaq; 65% of initial levels
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Downside thresholds: | 1,253.371 for Russell, 2,629.666 for S&P, 7,989.027 for Nasdaq; 65% of initial levels
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Pricing date: | March 3
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Settlement date: | March 8
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Agent: | Barclays
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 06749NT44
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