Published on 12/15/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.3 million buffered callable contingent coupon notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., Dec. 15 – Barclays Bank plc priced $6.3 million of buffered callable contingent coupon notes due Dec. 16, 2026 linked to the performance of the Utilities Select Sector SPDR Fund, the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 9.6% if each underlier closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The notes will be callable in whole at par on any quarterly call valuation date.
If the notes are not called and each underlier finishes at or above its buffer level, 75% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1.333333% for each 1% decline of the worst performer beyond 25%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered callable contingent coupon notes
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| Underlying assets: | Utilities Select Sector SPDR Fund, Dow Jones industrial average, S&P 500 index
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| Amount: | $6,302,000
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| Maturity: | Dec. 16, 2026
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| Contingent coupon: | 9.6% per year, payable monthly if each underlier closes at or above coupon barrier level observation date for that period
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| Price: | Par
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| Payout at maturity: | If each underlier finishes at or above buffer level, par plus final coupon; otherwise, 1.333333% loss for each 1% decline beyond buffer level of the worst performer
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| Call option: | At par on any quarterly call observation date
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| Initial index levels: | 4,622.44 for S&P, 36,404.93 for Dow, $63.82 for ETF
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| Coupon barrier levels: | 3,466.83 for S&P, 27,303.70 for Dow, $47.87 for ETF; 75% of initial levels
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| Buffer levels: | 3,466.83 for S&P, 27,303.70 for Dow, $47.87 for ETF; 75% of initial levels
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 14
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| Agent: | Barclays
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| Fees: | 0.3%
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| Cusip: | 06745PAU5
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