Published on 5/9/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $369,000 callable contingent coupon notes on S&P 500
By Kiku Steinfeld
Chicago, May 9 – Barclays Bank plc priced $369,000 of callable contingent coupon notes due Jan. 5, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay an annualized coupon of 10% each month if the index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The notes will be callable at par plus any coupon due on any monthly call observation date after six months.
If the notes are not called, the payout will be par plus unless the index finishes below its 70% barrier level, in which case investors will be fully exposed to the loss.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying index: | S&P 500 index
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Amount: | $369,000
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Maturity: | Jan. 5, 2026
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Coupon: | 10% per year, payable monthly if index closes at or above its coupon barrier level on the observation date for that period
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Price: | Par
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Payout at maturity: | Par unless final level is less than barrier level, in which case full exposure to loss
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Call option: | At par plus any coupon due on any monthly call observation date after six months
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Initial level: | 3,839.50
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Coupon barrier: | 2,687.65, 70% of initial level
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Barrier level: | 2,687.65, 70% of initial level
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Pricing date: | Dec. 30, 2022
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Settlement date: | Jan. 5, 2023
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Agent: | Barclays
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Fees: | 0.8%
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Cusip: | 06749NBR2
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