Published on 3/26/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.07 million buffered callable contingent coupon notes on S&P, Russell, Dow
By Wendy Van Sickle
Columbus, Ohio, March 26 – Barclays Bank plc priced $1.07 million of buffered callable contingent coupon notes on March 23, 2027, linked to the worst performing of the Russell 2000 index, the S&P 500 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 8.5% 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 six months.
If each index finishes at or above its buffer level, 70% of its initial level, the payout at maturity will be par plus the coupon. Otherwise, investors will be exposed to the decline of the least-performing index beyond 30%.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered callable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index and Dow Jones industrial average
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| Amount: | $1,069,000
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| Maturity: | March 23, 2027
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| Contingent coupon: | 8.5% 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 buffer, par plus coupon; otherwise, exposure to losses of least-performing index beyond 30%
|
| Call option: | In whole at par plus any coupon due on any monthly valuation date after six months
|
| Initial level: | 5,149.42 for S&P, 2,024.735 for Russell and 38,790.43 for Dow
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| Coupon barriers: | 4,119.54 for S&P, 1,619.79 for Russell and 31,032.34 for Dow; 70% of initial levels
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| Buffers: | 4,119.54 for S&P, 1,619.79 for Russell and 31,032.34 for Dow; 70% of initial levels
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| Pricing date: | March 18
|
| Settlement date: | March 21
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| Underwriter: | Barclays
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| Fees: | 0.5%
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| Cusip: | 06745QBB4
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