Published on 10/27/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.83 million callable contingent coupon notes on Stoxx, S&P
By William Gullotti
Buffalo, N.Y., Oct. 27 – Barclays Bank plc priced $6.83 million of callable contingent coupon notes due March 25, 2025 linked to the performance of the Euro Stoxx 50 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 13.3% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date.
If the notes are not redeemed early and each index finishes at or above coupon barrier level, the payout at maturity will be par plus the final coupon.
If the laggard index finishes below its coupon barrier but at or above the 60% final barrier level, par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying indexes: | Euro Stoxx 50 index, S&P 500 index
|
| Amount: | $6,825,000
|
| Maturity: | March 25, 2025
|
| Contingent coupon: | 13.3% per year, payable quarterly if each index closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if laggard index finishes below coupon barrier but at or above final barrier level, par; otherwise, full exposure to decline of the worst performer from its initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly call date
|
| Initial levels: | 3,899.89 for S&P, 3,499.49 for Stoxx
|
| Coupon barriers: | 2,729.92 for S&P, 2,449.64 for Stoxx; 70% of initial levels
|
| Final barrier levels: | 2,339.93 for S&P, 2,099.69 for Stoxx; 60% of initial levels
|
| Strike date: | Sept. 19
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 23
|
| Agent: | Barclays
|
| Fees: | None
|
| Cusip: | 06748XUP4
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