Published on 10/9/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $768,000 callable contingent coupon notes linked to S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Oct. 9 – Barclays Bank plc priced $768,000 of callable contingent coupon notes due March 29, 2028 linked to the 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 16.75% if each index closes at or above its coupon barrier level, 80% of its initial level, on the valuation date for that period.
The notes are callable at par quarterly after three months.
If each index finishes at or above its 80% barrier level, 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: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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Amount: | $768,000
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Maturity: | March 29, 2028
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Contingent coupon: | 16.75% per year, payable monthly 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 barrier level; otherwise, 1% loss for each 1% decline of least performing index
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Call option: | At par quarterly after three months
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Initial levels: | 3,970.99 for S&P, 1,734.923 for Russell and 12,767.05 for Nasdaq
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Coupon barrier levels: | 3,176.79 for S&P, 1,387.94 for Russell and 10,213.64 for Nasdaq, or 80% of initial levels
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Barrier levels: | 3,176.79 for S&P, 1,387.94 for Russell and 10,213.64 for Nasdaq, or 80% of initial levels
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Pricing date: | March 24, 2023
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Settlement date: | March 29, 2023
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Agent: | Barclays
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Fees: | 0.5%
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Cusip: | 06749NY89
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