Published on 9/29/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million callable contingent coupon notes on three stocks
By Kiku Steinfeld
Chicago, Sept. 29 – Barclays Bank plc priced $1 million of callable contingent coupon notes due Feb. 7, 2024 linked to the worst performing of CME Group Inc., Oracle Corp. and Nvidia Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 25.15% if each stock 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, the payout at maturity will be par unless any stock finishes below its 60% final barrier level, in which case investors will receive a number of shares of the worst performer equal to $1,000 divided by its initial level or, at the issuer’s option, the cash value.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stocks: | CME Group Inc., Oracle Corp. and Nvidia Corp.
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| Amount: | $1 million
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| Maturity: | Feb. 7, 2024
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| Contingent coupon: | 25.15% per year, payable monthly if each stock closes at or above coupon barrier on the observation date for that period
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its final barrier level, in which case receive a number of shares of the worst performer equal to its equity ratio or, at the issuer’s option, the cash equivalent
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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: | $232.02 for CME, $81.04 for Oracle, $246.38 for Nvidia
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| Coupon barriers: | $162.41 for CME, $56.73 for Oracle, $172.47 for Nvidia; 70% of initial levels
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| Final barrier levels: | $139.21 for CME, $48.62 for Oracle, $147.83 for Nvidia; 60% of initial levels
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| Equity ratio: | 4.30997 for CME, 12.33959 for Oracle, 4.05877 for Nvidia; shares delivered per note
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| Pricing date: | Feb. 1
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| Settlement date: | Feb. 4
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| Agent: | Barclays
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| Fees: | 0.4%
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| Cusip: | 06741WT34
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