Published on 8/25/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.3 million callable contingent coupon notes on Russell, S&P, Nasdaq
Chicago, Aug. 25 – Barclays Bank plc priced $2.3 million of market-linked securities that are callable with contingent coupon with daily observation and contingent downside due Feb. 23, 2027 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 10.6% if each index closes at or above its coupon barrier level, 70% of its initial level, on every trading day during the quarterly observation period.
The notes will be callable in whole at par plus any coupon due on any quarterly call date.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon if each index’s final value is greater than or equal to its 60% final barrier level. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Wells Fargo Securities, LLC and Barclays are the agents.
Issuer: | Barclays Bank plc
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Issue: | Market-linked securities – callable with contingent coupon with daily observation and contingent downside
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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Amount: | $2,299,000
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Maturity: | Feb. 23, 2027
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Contingent coupon: | 10.6% per year, payable quarterly if each index closes at or above coupon barrier on every trading day during the observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above final barrier level; otherwise, full exposure to decline of the worst performer from its initial level
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Call option: | In whole at par plus any coupon due on any quarterly call date
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Initial levels: | 14,694.84 for Nasdaq, 4,369.71 for S&P, 1,859.421 for Russell
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Coupon barriers: | 10,286.388 for Nasdaq, 3,058.797 for S&P, 1,301.5947 for Russell; 70% of initial levels
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Final barrier levels: | 8,816.904 for Nasdaq, 2,621.826 for S&P, 1,115.6526 for Russell; 60% of initial levels
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Pricing date: | Aug. 18
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Settlement date: | Aug. 23
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Agent: | Wells Fargo Securities, LLC and Barclays
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Fees: | 1.525%
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Cusip: | 06745NBV7
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