Published on 5/22/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.13 million buffered callable contingent coupon notes on three indexes
By William Gullotti
Buffalo, N.Y., May 22 – Barclays Bank plc priced $1.13 million of buffered callable contingent coupon notes due May 21, 2026 linked to the lesser performing of the Russell 2000 index, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 10.4% if each 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 in whole at par plus any coupon otherwise due on any monthly call valuation date after six months.
If each index finishes at or above its buffer level, 80% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1.25% for each 1% decline of the least-performing index beyond the 20% buffer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered callable contingent coupon notes
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| Underlying indexes: | Nasdaq-100 index, S&P 500 index, Russell 2000 index
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| Amount: | $1.13 million
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| Maturity: | May 21, 2026
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| Contingent coupon: | 10.4% per year, payable monthly if each index closes at or above coupon barrier level observation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above buffer level, par plus final coupon; otherwise, 1.25% loss for each 1% decline of the worst performer beyond buffer level
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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 index levels: | 1,736.182 for Russell, 13,426.01 for Nasdaq, 4,109.9 for S&P
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| Coupon barrier levels: | 1,215.33 for Russell, 9,398.21 for Nasdaq, 2,876.93 for S&P; 70% of initial levels
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| Buffer levels: | 1,388.95 for Russell, 10,740.81 for Nasdaq, 3,287.92 for S&P; 80% of initial levels
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| Pricing date: | May 16
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| Settlement date: | May 19
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| Agent: | Barclays
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| Fees: | 0.7%
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| Cusip: | 06745MDK1
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