Published on 8/7/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.5 million callable contingent coupon notes on indexes, tech fund
By Angela McDaniels
Tacoma, Wash., Aug. 7 – Barclays Bank plc priced $7.5 million of callable contingent coupon notes due Aug. 6, 2026 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 12% if each asset 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 quarterly.
If each asset finishes at or above its 60% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the least performing asset’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 assets: | Dow Jones industrial average, Russell 2000 index and Technology Select Sector SPDR fund
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Amount: | $7.5 million
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Maturity: | Aug. 6, 2026
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Contingent coupon: | 12% per year, payable monthly if each asset 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 asset finishes at or above final barrier; otherwise, investors will lose 1% for each 1% decline of least performing asset
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Call option: | At par quarterly
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Initial levels: | 35,630.69 for Dow, 1,994.167 for Russell and $178.65 for fund
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Coupon barrier levels: | 24,941.48 for Dow, 1,395.92 for Russell and $125.06 for fund, or 70% of initial levels
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Final barrier levels: | 21,378.41 for Dow, 1,196.50 for Russell and $107.19 for fund, or 60% of initial levels
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Pricing date: | Aug. 1
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Settlement date: | Aug. 4
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Agent: | Barclays
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Fees: | 0.2%
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Cusip: | 06745MXD5
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