New Issue: Barclays prices $940,000 buffered dual directional notes linked to S&P

By Angela McDaniels

Tacoma, Wash., April 25 – Barclays Bank plc priced $940,000 of 0% buffered dual directional notes due Jan. 23, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the initial index level, the payout at maturity will be par plus the index return, subject to a maximum return of 12.3%.

If the final index level is less than or equal to the initial index level but greater than or equal to the 75% buffer level, the payout will be par plus the absolute value of the index return.

If the final index level is less than the buffer level, investors will lose 1% for every 1% that the index declines beyond 25%.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Buffered dual directional notes
Underlying index:	S&P 500 index
Amount:	$940,000
Maturity:	Jan. 23, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is greater than initial index level, par plus index return, subject to maximum return of 12.3%; if final index level is less than or equal to initial index level but greater than or equal to buffer level, par plus absolute value of index return; otherwise, 1% loss for every 1% that index declines beyond 25%
Initial level:	4,522.79
Buffer level:	3,392.09, or 75% of initial level
Pricing date:	July 17, 2023
Settlement date:	July 20, 2023
Agent:	Barclays
Fees:	0.5%
Cusip:	06745MS90

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