Published on 4/21/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $355,000 callable contingent coupon notes on Warner Bros. Discovery
By Kiku Steinfeld
Chicago, April 22 - Barclays Bank plc priced $355,000 of callable contingent coupon notes due July 31, 2025 linked to the common stock of Warner Bros. Discovery, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay 15% per year, payable quarterly, if the closing share price is greater than or equal to the barrier price, 51% of the initial price, on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon, if any, on any quarterly interest payment date after six months.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price or, at Barclays' option, they will receive 81.36697 shares or the cash equivalent.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stock: | Warner Bros. Discovery, Inc.
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| Amount: | $355,000
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| Maturity: | July 31, 2025
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| Coupon: | 15% per year, payable quarterly if shares close at or above barrier price on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par if final share price is greater than or equal to barrier price; otherwise, exposure to share price decline or, at Barclays' option, 81.36697 shares or cash
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| Call option: | At par plus contingent coupon, if any, on any quarterly interest payment date after six months
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| Initial share price: | $12.29
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| Barrier price: | $6.27, 51% of initial share price
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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: | 1.75%
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| Cusip: | 06741W6N5
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