Published on 8/8/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.88 million 10% callable notes on indexes, tech fund
By Angela McDaniels
Tacoma, Wash., Aug. 8 – Barclays Bank plc priced $8.88 million of callable fixed coupon notes due Aug. 1, 2024 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 interest rate is 10% per year. Interest is payable monthly.
Beginning Oct. 27, the notes are callable at par quarterly.
If each asset finishes at or above its 70% 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 fixed 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: | $8,875,000
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Maturity: | Aug. 1, 2024
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Contingent coupon: | 10% per year payable monthly
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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: | Beginning Oct. 27, at par quarterly
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Initial levels: | 35,459.29 for Dow, 1,981.537 for Russell and $177.94 for fund
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Barrier levels: | 24,821.50 for Dow, 1,387.08 for Russell and $124.56 for fund, or 70% of initial levels
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Pricing date: | July 28
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Settlement date: | Aug. 2
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Agent: | Barclays
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Fees: | 0.65%
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Cusip: | 06745MWH7
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