Published on 1/19/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $9.66 million contingent income callables on Russell, S&P, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, Jan. 19 – Barclays Bank plc priced $9.66 million of contingent income callable securities due Jan. 16, 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 quarterly coupon at an annual rate of 11.75% if each index closes at or above its coupon barrier level, 65% of its initial index level, every day that period.
Barclays may call the notes at par plus any coupon due on any quarterly determination date.
If each index finishes at or above its downside threshold, 65% of the initial level, the payout at maturity will be par plus the final coupon, if any.
Otherwise, investors will be fully exposed to the decline of the least-performing index from initial level.
Barclays Capital Inc. is the agent. Distribution is through Morgan Stanley Wealth Management.
| Issuer: | Barclays Bank plc
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| Issue: | Contingent income callable securities
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| Underlying indexes: | Nasdaq-100, Russell 2000, S&P 500
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| Amount: | $9.66 million
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| Maturity: | Jan. 16, 2025
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| Coupon: | 11.75% per year, payable quarterly if each index closes at or above coupon barrier every day that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above downside threshold, par plus final coupon, if any; otherwise, full exposure to decline of lowest-performing index
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| Call option: | At par plus any coupon due on any quarterly determination date
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| Initial levels: | 11,541.48 for Nasdaq, 3,999.09 for S&P, 1,887.034 for Russell
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| Coupon barriers: | 7,501.962 for Nasdaq, 2,599.409 for S&P, 1,226.572 for Russell; 65% of initial levels
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| Downside threshold: | 7,501.962 for Nasdaq, 2,599.409 for S&P, 1,226.572 for Russell; 65% of initial levels
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| Pricing date: | Jan. 13
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| Settlement date: | Jan. 19
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| Agent: | Barclays Capital Inc.
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| Distribution: | Morgan Stanley Wealth Management
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| Fees: | 2%
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| Cusip: | 06749NFT4
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