Published on 7/7/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $6.44 million callable contingent coupon notes on S&P, Russell
By Wendy Van Sickle
Columbus, Ohio, July 7 – Barclays Bank plc priced $6.44 million of callable contingent coupon notes due July 6, 2026 linked to the least performing of 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 annualized rate of 10% 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 quarterly call valuation date after six months.
If each index finishes at or above its coupon barrier, the payout at maturity will be par plus the final coupon.
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
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Amount: | $6,444,000
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Maturity: | July 6, 2026
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Contingent coupon: | 10% per year, payable quarterly 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 coupon barrier, par plus final coupon; 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 quarterly call observation date after six months
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Initial index levels: | 1,888.734 for Russell, 4,450.38 for S&P
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Coupon barrier levels: | 1,322.11 for Russell, 3,115.27 for S&P; 70% of initial levels
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Barrier levels: | 1,322.11 for Russell, 3,115.27 for S&P; 70% of initial levels
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Pricing date: | June 30
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Settlement date: | July 6
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Agent: | Barclays
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Fees: | 0.45%
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Cusip: | 06745MLW6
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