Published on 8/25/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.42 million barrier contingent coupon notes on Dow, Nasdaq, Russell
Chicago, Aug. 25 – Barclays Bank plc priced $2.42 million of barrier contingent coupon notes due Aug. 21, 2026 linked to the performance of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 8.25% if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
If each index finishes at or above its barrier level, 60% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the worst performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Barrier contingent coupon notes
|
| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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| Amount: | $2,418,000
|
| Maturity: | Aug. 21, 2026
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| Contingent coupon: | 8.25% per year, payable semiannually if each index closes at or above coupon barrier level observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above barrier level, par plus final coupon; otherwise, 1% loss for each 1% decline of the worst performer from initial level
|
| Initial index levels: | 34,500.66 for Dow, 1,859.421 for Russell, 14,694.84 for Nasdaq
|
| Coupon barrier levels: | 20,700.40 for Dow, 1,115.65 for Russell, 8,816.90 for Nasdaq; 60% of initial levels
|
| Barrier levels: | 20,700.40 for Dow, 1,115.65 for Russell, 8,816.90 for Nasdaq; 60% of initial levels
|
| Pricing date: | Aug. 18
|
| Settlement date: | Aug. 23
|
| Agent: | Barclays
|
| Fees: | 0.65%
|
| Cusip: | 06745MWT1
|
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