Published on 9/13/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $746,000 callable contingent coupon notes on S&P, Russell
By Kiku Steinfeld
Chicago, Sept. 13 – Barclays Bank plc priced $746,000 of callable contingent coupon notes due March 6, 2028 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at annual rate of 8% if each index closes at or above its coupon barrier, 55% of its initial level, on the observation date for that period.
The notes will be callable semiannually at par plus any coupon due on any semiannual call valuation date.
The payout at maturity will be par plus any final coupon due unless either index finishes below the 55% downside barrier, in which case investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | S&P 500 index and Russell 2000 index
|
| Amount: | $746,000
|
| Maturity: | March 6, 2028
|
| Coupon: | 8%, payable semiannually if each index closes at or above coupon barrier on observation date
|
| Price: | Par
|
| Call option: | At par plus any coupon due on any semiannual call valuation date
|
| Payout at maturity: | Par plus any coupon if both indexes close above barrier level; otherwise, 1% for each 1% decline of worse performing index from its initial level
|
| Initial levels: | 3,951.39 for S&P, 2,343.16 for Russell
|
| Coupon barriers: | 2,173.26 for S&P, 1,044.14 for Russell, 55% of initial levels
|
| Barrier levels: | 2,173.26 for S&P, 1,044.14 for Russell, 55% of initial levels
|
| Pricing date: | March 1, 2023
|
| Settlement date: | March 6, 2023
|
| Agent: | Barclays
|
| Fees: | 0.45%
|
| Cusip: | 06749NSN3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
