Published on 10/4/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $420,000 callable contingent coupon notes on Costco
By Kiku Steinfeld
Chicago, Oct. 4 – Barclays Bank plc priced $420,000 of callable contingent coupon notes due March 26, 2025 linked to the performance of Costco Wholesale Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 10.45% if the stock 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 quarterly observation date.
If the notes are not redeemed, the payout will be par plus final coupon if the stock finishes at or above the 70% final barrier. Otherwise, investors will be fully exposed to the stock’s decline from initial level, payable in cash or 2.03728 shares at the issuer’s option.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stock: | Costco Wholesale Corp.
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| Amount: | $420,000
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| Maturity: | March 26, 2025
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| Contingent coupon: | 10.45% per year, payable quarterly if the stock 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 plus the final coupon if the stock finishes at or above final barrier; otherwise, investors will lose 1% for each 1% decline from initial level, payable in cash or 2.03728 shares at the issuer’s option
|
| Call option: | In whole at par plus any coupon due on any quarterly observation date
|
| Initial levels: | $490.85
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| Coupon barrier levels: | $343.60; 70% of initial levels
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| Final barrier levels: | $343.60; 70% of initial levels
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| Pricing date: | March 21, 2023
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| Settlement date: | March 24, 2023
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| Agent: | Barclays
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| Fees: | 0%
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| Cusip: | 06741WZV5
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