Published on 10/2/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $304,000 callable contingent coupon notes on Russell, Stoxx Banks, Nasdaq
Chicago, Oct. 2 – Barclays Bank plc priced $304,000 of callable contingent coupon notes due Sept. 30, 2027 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 12% if each index closes at or above its coupon barrier level, 60% 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 its 60% final barrier level, the payout at maturity will be par plus the final coupon.
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
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Issue: | Callable contingent coupon notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Euro Stoxx Banks index
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Amount: | $304,000
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Maturity: | Sept. 30, 2027
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Contingent coupon: | 12% per year, payable quarterly if each index closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each index finishes at or above final barrier level; otherwise, full exposure to decline of the worst performer from its initial level
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Call option: | In whole at par plus any coupon due on any quarterly call date
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Initial levels: | 1,715.243 for Russell, 11,493.83 for Nasdaq, 78.87 for Stoxx Banks
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Coupon barriers: | 1,029.15 for Russell, 6,896.30 for Nasdaq, 47.32 for Stoxx Banks; 60% of initial levels
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Final barrier levels: | 1,029.15 for Russell, 6,896.30 for Nasdaq, 47.32 for Stoxx Banks; 60% of initial levels
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Pricing date: | Sept. 28, 2022
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Settlement date: | Sept. 30, 2022
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Agent: | Barclays
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Fees: | 3.5%
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Cusip: | 06748XTY7
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