Published on 7/24/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $250,000 callable contingent coupon notes on Nasdaq, Russell, S&P
By Angela McDaniels
Tacoma, Wash., July 24 – Barclays Bank plc priced $250,000 of callable contingent coupon notes due Sept. 12, 2024 linked to the least performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 8.6% if each index closes at or above its coupon barrier level, 50% of its initial level, on the valuation date for that period.
The notes are callable at par quarterly.
If each index finishes at or above its 50% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the least performing index’s decline 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: | Nasdaq-100 index, S&P 500 index and Russell 2000 index
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Amount: | $250,000
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Maturity: | Sept. 12, 2024
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Contingent coupon: | 8.6% per year, payable quarterly if each index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par if each index finishes at or above final barrier; otherwise, investors will lose 1% for each 1% decline of least performing index
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Call option: | At par quarterly
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Initial levels: | 1,846.91 for Russell, 4,006.18 for S&P and 12,321.19 for Nasdaq
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Coupon barrier levels: | 923.46 for Russell, 2,003.09 for S&P and 6,160.60 for Nasdaq; 50% of initial levels
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Final barrier levels: | 923.46 for Russell, 2,003.09 for S&P and 6,160.60 for Nasdaq; 50% of initial levels
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Pricing date: | Sept. 8, 2022
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Settlement date: | Sept. 13, 2022
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Agent: | Barclays
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Fees: | 0.4%
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Cusip: | 06748XQX2
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