Published on 6/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.55 million callable contingent coupon notes on Russell, S&P, Nasdaq
Chicago, June 21 – Barclays Bank plc priced $1.55 million of callable contingent coupon notes due June 5, 2025 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index 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 13% if each index closes at or above its coupon barrier level, 80% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call valuation date starting after three months.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon, if any, if each index’s final value is greater than or equal to its 70% final barrier level.
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
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
|
| Amount: | $1,549,000
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| Maturity: | June 5, 2025
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| Contingent coupon: | 13% per year, payable monthly 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 any, if each index finishes at or above final barrier level; 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 monthly call valuation date starting after three months
|
| Initial levels: | 4,179.83 for S&P, 14,254.09 for Nasdaq, 1,749.65 for Russell
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| Coupon barriers: | 3,343.86 for S&P, 11,403.27 for Nasdaq, 1,399.72 for Russell; 80% of initial levels
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| Final barrier levels: | 2,925.88 for S&P, 9,977.86 for Nasdaq, 1,224.76 for Russell; 70% of initial levels
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| Pricing date: | May 31
|
| Settlement date: | June 5
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| Agent: | Barclays
|
| Fees: | 0.8%
|
| Cusip: | 06745MAX6
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