Published on 11/26/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $895,000 barrier contingent coupon notes on S&P, Nasdaq, Russell
By Kiku Steinfeld
Chicago, Nov. 27 – Barclays Bank plc priced $895,000 of barrier contingent coupon notes due April 18, 2024 linked to the performance 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 9.4% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that monthly period.
If each index finishes at or above its barrier level, 70% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, 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
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Issue: | Barrier contingent coupon notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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Amount: | $895,000
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Maturity: | April 18, 2024
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Contingent coupon: | 9.4% per year, payable monthly if each index closes at or above coupon barrier level observation date for that monthly period
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Price: | Par
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Payout at maturity: | If each index finishes at or above barrier level, par plus final coupon; otherwise, 1% loss for each 1% decline of the worst performer from initial level
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Initial index levels: | 4,146.22 for S&P, 1,796.683 for Russell, 13,109.39 for Nasdaq
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Coupon barrier levels: | 2,902.35 for S&P, 1,257.68 for Russell, 9,176.57 for Nasdaq; 70% of initial levels
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Barrier levels: | 2,902.35 for S&P, 1,257.68 for Russell, 9,176.57 for Nasdaq; 70% of initial levels
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Pricing date: | April 13, 2023
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Settlement date: | April 18, 2023
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Agent: | Barclays
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Fees: | 0.45%
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Cusip: | 06745M2Y3
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