Published on 6/30/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.1 million callable contingent coupon notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, June 30 – Barclays Bank plc priced $1.1 million of callable contingent coupon notes due June 26, 2026 linked to the performance of the Nasdaq-100 index, the Russell 2000 index and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 15.25% if each underlier 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 six months.
If the notes are not redeemed early and each underlier finishes at or above its 70% final barrier level, the payout at maturity will be par plus any final coupon.
Otherwise, investors will be fully exposed to the 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 assets: | Nasdaq-100 index, Russell 2000 index, VanEck Vectors Gold Miners ETF
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Amount: | $1.1 million
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Maturity: | June 26, 2026
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Contingent coupon: | 15.25% per year, payable monthly if each underlier closes at or above coupon barrier on the observation date for that period
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Price: | Par
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Payout at maturity: | If the final level of each underlier is greater than or equal to its final barrier, par plus any final coupon; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
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Call option: | In whole at par plus any coupon due on any monthly call date after six months
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Initial levels: | 1,821.635 for Russell, 14,891.48 for Nasdaq, $29.79 for Gold Miners
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Coupon barriers: | 1,275.14 for Russell, 10,424.04 for Nasdaq, $20.85 for Gold Miners; 70% of initial levels
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Final barrier levels: | 1,275.14 for Russell, 10,424.04 for Nasdaq, $20.85 for Gold Miners; 70% of initial levels
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Pricing date: | June 23
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Settlement date: | June 28
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Agent: | Barclays
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Fees: | 0.6%
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Cusip: | 06745MLQ9
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