Published on 9/23/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $8 million trigger callable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 23 – Barclays Bank plc priced $8 million of trigger callable contingent yield notes with daily coupon observation due Sept. 24, 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 will pay a contingent quarterly coupon at an annual rate of 14.3% if each index’s closing level is at least 65% of its initial level on every day that period.
The notes are callable at par plus any coupon otherwise due on any quarterly observation date.
If the notes have not been called and each index finishes at or above its 70% coupon barrier, the payout at maturity will be par plus any final coupon otherwise due.
If the worst performer finishes below its coupon barrier but at or above its 55% knock-in level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the worst performer finishes below its initial level.
UBS Financial Services Inc. and Barclays Capital Inc. are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger callable contingent yield notes with daily coupon observation
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index, S&P 500 index
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| Amount: | $8 million
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| Maturity: | Sept. 24, 2025
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| Coupon: | 14.3% per year, payable quarterly if each index closes at or above its coupon barrier level on every day that period
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| Price: | Par of $10
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| Payout at maturity: | If each index finishes at or above coupon barrier level, par plus any final coupon otherwise due; par if the worst performer finishes below its coupon barrier but not below knock-in level; otherwise, lose 1% for every 1% that the worst performer finishes below its initial level.
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| Call option: | At par plus any coupon otherwise due on any quarterly observation date
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| Initial levels: | 3,855.93 for S&P, 1,787.504 for Russell, 11,851.54 for Nasdaq
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| Coupon barrier levels: | 2,506.35 for S&P, 1,161.878 for Russell, 7,703.5 for Nasdaq; 65% of initial levels
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| Knock-in levels: | 2,120.76 for S&P, 983.127 for Russell, 6,518.35 for Nasdaq; 55% of initial levels
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| Pricing date: | Sept. 20
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| Settlement date: | Sept. 23
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| Agents: | UBS Financial Services Inc. and Barclays Capital Inc.
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| Fees: | 1%
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| Cusip: | 06748C750
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