Published on 3/26/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 callable contingent coupon notes on Nasdaq, Russell, Dow
By Kiku Steinfeld
Chicago, March 26 – Barclays Bank plc priced $500,000 of callable contingent coupon notes April 3, 2025, linked to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 11% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date after three months.
If each index finishes at or above its final barrier level, 70% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be fully exposed to the decline of the least-performing index.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
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| Amount: | $500,000
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| Maturity: | April 3, 2025
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| Contingent coupon: | 11% 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: | If each index finishes at or above final barrier, par plus coupon; otherwise, full exposure to losses of least-performing index
|
| Call option: | In whole at par plus any coupon due on any monthly valuation date after three months
|
| Initial level: | 15,179.21 for Nasdaq, 1,888.734 for Russell and 34,407.60 for Dow
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| Coupon barriers: | 10,625.45 for Nasdaq, 1,322.11 for Russell and 24,085.32 for Dow; 70% of initial levels
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| Final barriers: | 10,625.45 for Nasdaq, 1,322.11 for Russell and 24,085.32 for Dow; 70% of initial levels
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| Pricing date: | June 30, 2023
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| Settlement date: | July 6, 2023
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| Underwriter: | Barclays
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| Fees: | 0.45%
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| Cusip: | 06745MLR7
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