Published on 10/20/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.9 million callable contingent coupon notes on Russell, Nasdaq, Dow
By William Gullotti
Buffalo, N.Y., Oct. 20 – Barclays Bank plc priced $4.9 million of callable contingent coupon notes due Oct. 17, 2024 linked to the worst performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 12% if each index 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 monthly call date after three months.
If the notes are not redeemed early and each index finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
If the worst performer finishes below its coupon barrier but at or above the 50% final barrier level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the least performing index from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $4,895,000
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| Maturity: | Oct. 17, 2024
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| Contingent coupon: | 12% per year, payable monthly if each index closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above final barrier, par; otherwise, full exposure to decline of least performing index from its initial level
|
| Call option: | In whole at par plus any coupon due on any monthly call date after three months
|
| Initial levels: | 29,634.83 for Dow, 10,692.06 for Nasdaq, 1,682.403 for Russell
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| Coupon barriers: | 20,744.38 for Dow, 7,484.44 for Nasdaq, 1,177.68 for Russell; 70% of initial levels
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| Final barrier levels: | 14,817.42 for Dow, 5,346.03 for Nasdaq, 841.2 for Russell; 50% of initial levels
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| Pricing date: | Oct. 14
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| Settlement date: | Oct. 19
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| Agent: | Barclays
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| Fees: | 0.65%
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| Cusip: | 06748XYF2
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