Published on 11/7/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $700,000 callable contingent coupon notes on Russell, Dow, S&P
Chicago, Nov. 7 – Barclays Bank plc priced $700,000 of callable contingent coupon notes due Oct. 21, 2027 linked to the least performing of the S&P 500 index, the Russell 2000 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 11.25% if each index closes at or above its coupon barrier level, 60% of the initial value, on the related observation date.
The notes will be callable in whole at par on any monthly contingent coupon payment date after three months.
If each index finishes at or above its 60% barrier level, the payout at maturity will be par. Otherwise, investors will be exposed to the decline of the least performing index.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Russell 2000 index, Dow Jones industrial average, S&P 500 index
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Amount: | $700,000
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Maturity: | Oct. 21, 2027
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Contingent coupon: | 11.25% per year, payable each month that each underlying index closes at or above coupon barrier on observation date for that month
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Price: | Par
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Payout at maturity: | If each index finishes at or above 60% barrier value, par plus any coupon; otherwise, investors will be exposed to the decline of the least performing index
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Call option: | At par on any contingent coupon payment date after three months
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Initial values: | 3,677.95 for S&P, 1,735.753 for Russell, 30,185.82 for Dow
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Coupon barriers: | 2,206.77 for S&P, 1,041.45 for Russell, 18,111.49 for Dow; 60% of initial values
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Barrier levels: | 2,206.77 for S&P, 1,041.45 for Russell, 18,111.49 for Dow; 60% of initial values
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Pricing date: | Oct. 20, 2022
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Settlement date: | Oct. 25, 2022
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Agent: | Barclays Capital Inc.
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Fees: | 0.75%
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Cusip: | 06748XZ79
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