Published on 3/17/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.45 million contingent income callable securities on three indexes
By Kiku Steinfeld
Chicago, March 18 – Barclays Bank plc priced $7.45 million contingent income callable securities due July 3, 2025 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each index closes at or above its coupon barrier level, 70% of its initial index level, every day that quarter.
The notes will be callable at par plus any coupon due on any quarterly payment date.
If each index finishes at or above its downside threshold level, 70% of its initial index level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is the selected dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | Russell 2000 index, S&P 500 index, Euro Stoxx 50 index
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Amount: | $7.45 million
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Maturity: | July 3, 2025
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Coupon: | 10% per year, payable quarterly if each index closes at or above coupon barrier on every day that quarter
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon; if final level of any index is less than downside threshold, full exposure to decline of lowest-performing index
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Call option: | At par plus any coupon due on any quarterly determination date
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Initial levels: | 1,888.734 for Russell, 4,450.38 for S&P, 4,399.09 for Stoxx
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Coupon barrier: | 1,322.114 for Russell, 3,115.266 for S&P, 3,079.363 for Stoxx; 70% of initial levels
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Downside thresholds: | 1,322.114 for Russell, 3,115.266 for S&P, 3,079.363 for Stoxx; 70% of initial levels
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Pricing date: | June 30, 2023
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Settlement date: | July 6, 2023
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Agent: | Barclays
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 2%
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Cusip: | 06745MM88
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