Published on 9/20/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $836,000 autocallable contingent coupon notes on Dow, Nasdaq, Russell
By Kiku Steinfeld
Chicago, Sept. 20 – Barclays Bank plc priced $836,000 of autocallable contingent coupon notes due Dec. 12, 2024 linked to the least performing 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 will pay a contingent quarterly coupon at an annual rate of 6% if each index closes at or above its coupon barrier level, 75% of its initial level, on the review date for that period.
The notes will be automatically called at par plus the contingent coupon if each index closes at or above 91% of its initial level on any quarterly review date.
If the notes have not been called, the payout at maturity will be par unless any index finishes below its initial level and any index ever finishes below its 70% trigger value, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Autocallable contingent coupon notes
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Underlying indexes: | Russell 2000 index, Dow Jones industrial average, Nasdaq-100 index
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Amount: | $836,000
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Maturity: | Dec. 12, 2024
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Coupon: | 6% annual rate, payable quarterly if each index closes at or above coupon barrier level on review date for that period
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Price: | Par
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Payout at maturity: | Par unless any index closes below its trigger value during the life of the notes and any index finishes below its initial level, in which case investors will lose 1% for every 1% that the worst performer finishes below its initial level.
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Call: | Automatically at par plus contingent coupon if each index closes at or above 91% of initial level on any quarterly review date
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Initial levels: | 32,856.46 for Dow, 1,878.724 for Russell, 12,152.17 for Nasdaq
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Coupon barriers: | 24,642.35 for Dow, 1,409.04 for Russell, 9,114.13 for Nasdaq; 75% of initial levels
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Trigger levels: | 22,999.52 for Dow, 1,315.11 for Russell, 8,506.52 for Nasdaq; 70% of initial levels
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Pricing date: | March 7, 2023
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Settlement date: | March 10, 2023
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Agent: | Barclays
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Fees: | 2.375%
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Cusip: | 06749NV66
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