Published on 6/26/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.8 million callable contingent coupon notes on S&P, Russell, Nasdaq
By Wendy Van Sickle
Columbus, Ohio, June 26 – Barclays Bank plc priced $2.8 million of callable contingent coupon notes due June 20, 2025 linked to the least 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 11.1% 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 three months.
If each index finishes at or above its 65% barrier, the payout at maturity will be par plus the final coupon, if any.
Otherwise, investors will lose 1% for each 1% decline of the worst performer 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: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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Amount: | $2,795,000
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Maturity: | June 20, 2025
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Contingent coupon: | 11.1% 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 barrier, par plus final coupon, if any; otherwise, 1% loss for each 1% decline of the worst performer from its initial level
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Call option: | At par plus any coupon due on any monthly call observation date after three months
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Initial index levels: | 1,875.467 for Russell, 4,409.59 for S&P, 15,083.92 for Nasdaq
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Coupon barrier levels: | 1,312.83 for Russell, 3,086.71 for S&P, 10,558.74 for Nasdaq, 70% of initial levels
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Barrier levels: | 1,219.05 for Russell, 2,866.23 for S&P, 9,804.55 for Nasdaq, 65% of initial levels
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Pricing date: | June 21
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Settlement date: | June 26
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Agent: | Barclays
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Fees: | 0.35%
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Cusip: | 06745MKL1
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