Published on 4/12/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.01 million contingent income callable securities on three indexes
By William Gullotti
Buffalo, N.Y., April 12 – Barclays Bank plc priced $3.01 million contingent income callable securities due April 2, 2027 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate 7.55% if each index closes at or above its coupon barrier level, 70% of its initial index level, on each scheduled trading day for the observation period.
The notes will be callable at par plus any coupon due on any quarterly payment date after six months.
If each index finishes at or above its downside threshold level, 65% of its initial index level, the payout at maturity will be par. Otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is the selected dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income callable securities
|
| Underlying indexes: | Russell 2000 index, S&P 500 index, Euro Stoxx 50 index
|
| Amount: | $3,014,000
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| Maturity: | April 2, 2027
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| Coupon: | 7.55% per year, payable quarterly if each index closes at or above coupon barrier on every scheduled trading day during the determination period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above downside threshold, par; if final level of any index is less than downside threshold, full exposure to decline of lowest-performing index
|
| Call option: | At par plus any coupon on any quarterly determination date after six months
|
| Initial levels: | 2,124.547 for Russell, 5,254.35 for S&P, 5,083.42 for Stoxx
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| Coupon barrier: | 1,487.183 for Russell, 3,678.045 for S&P, 3,558.394 for Stoxx; 70% of initial levels
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| Downside thresholds: | 1,380.956 for Russell, 3,415.328 for S&P, 3,304.223 for Stoxx; 65% of initial levels
|
| Pricing date: | March 28
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| Settlement date: | April 4
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| Agent: | Barclays
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.5%
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| Cusip: | 06745QGC7
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