Published on 4/21/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $510,000 callable contingent coupon notes on S&P, Russell, Nasdaq
By Kiku Steinfeld
Chicago, April 22– Barclays Bank plc priced $510,000 of callable contingent coupon notes due July 30, 2026 linked to the least performing 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 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 are callable at par monthly starting after three months.
If each index finishes at or above its 50% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the least performing index’s decline from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
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| Amount: | $510,000
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| Maturity: | July 30, 2026
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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: | Par if each index finishes at or above final barrier; otherwise, investors will lose 1% for each 1% decline of least performing index
|
| Call option: | At par monthly starting after three months
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| Initial levels: | 4,537.41 for S&P, 1,954.896 for Russell and 15,464.93 for Nasdaq
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| Coupon barrier levels: | 3,176.19 for S&P, 1,368.43 for Russell and 10,825.45 for Nasdaq, or 70% of initial levels
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| Final barrier levels: | 2,268.71 for S&P, 977.45 for Russell and 7,732.47 for Nasdaq, or 50% of initial levels
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| Pricing date: | July 27, 2023
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| Settlement date: | Aug. 1, 2023
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06745MTW8
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