Published on 9/28/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $756,000 contingent coupon notes linked to S&P, Russell, Nasdaq
By Angela McDaniels
Tacoma, Wash., Sept. 28 – Barclays Bank plc priced $756,000 of buffered callable contingent coupon notes due Sept. 26, 2025 linked to least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 12% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
Beginning in March 2023, the notes are callable at par monthly.
If each index finishes at or above its 80% buffer level, the payout at maturity will be par. Otherwise, investors will lose 1.25% for every 1% that the least performing index declines beyond 20%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Buffered callable contingent coupon notes
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Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100
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Amount: | $756,000
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Maturity: | Sept. 26, 2025
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Coupon: | 12% per year, payable monthly if each index closes at or above coupon barrier level on valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless any index finishes below buffer level, in which case 1.25% loss for every 1% that least performing index declines beyond 20%
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Call option: | Beginning in March 2023, at par monthly
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Initial levels: | 3,693.23 for S&P, 1,679.59 for Russell and 11,311.24 for Nasdaq
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Coupon barrier levels: | 2,585.26 for S&P, 1,175.71 for Russell and 7,917.87 for Nasdaq, or 70% of initial levels
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Buffer levels: | 2,954.58 for S&P, 1,343.67 for Russell and 9,048.99 for Nasdaq, or 80% of initial levels
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Pricing date: | Sept. 23, 2022
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Settlement date: | Sept. 28, 2022
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06748XVN8
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