Published on 10/30/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.02 million callable contingent coupon notes on index, ETF
Chicago, Oct. 31 – Barclays Bank plc priced $1.02 million of callable contingent coupon notes Dec. 1, 2023 linked to the least performing of the SPDR S&P Regional Banking ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 11.25% if the least performing asset closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par on any monthly call valuation date after three months.
If the notes are not redeemed early, the payout will be par unless the least performing asset finishes below 70% of its initial level, in which case investors will be fully exposed to the loss of the least performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | SPDR S&P Regional Banking ETF and S&P 500 index
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Amount: | $1,024,000
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Maturity: | Dec. 1, 2023
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Contingent coupon: | 11.25% per year, payable monthly if the least performing asset closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par unless the least performing asset finishes below its final barrier level, in which case full exposure to decline
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Call option: | In whole at par on any monthly call valuation date after three months
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Initial levels: | $74.28 for ETF, 4,373.94 for index
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Coupon barrier levels: | $52.00 for ETF, 3,061.76 for index; 70% of initial levels
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Final barrier levels: | $52.00 for ETF, 3,061.76 for index; 70% of initial levels
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Pricing date: | Feb. 28
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Settlement date: | March 3
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Agent: | Barclays
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Fees: | 0.8%
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Cusip: | 06748XEB3
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