Published on 7/22/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 callable contingent coupon notes on Nasdaq, Russell, S&P
By Kiku Steinfeld
Chicago, July 24 – Barclays Bank plc priced $500,000 of callable contingent coupon notes due Aug. 22, 2024 linked to the performance of the Nasdaq-100 index, S&P 500 index and Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 7.6% if each index closes at or above its coupon barrier level, 70% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any monthly observation date after three months.
If the notes are not redeemed, the payout at maturity will be par if each index finishes at or above 70% final barrier. Otherwise, investors will be fully exposed to the lesser performing index’s decline from 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: | Nasdaq-100 index, S&P 500 index and Russell 2000 index
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| Amount: | $500,000
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| Maturity: | Aug. 22, 2024
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| Contingent coupon: | 7.6% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above final barrier; otherwise, investors will lose 1% for each 1% decline of the lesser performing index
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| Call option: | In whole at par plus any coupon due on any monthly observation date after three months
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| Initial levels: | 12,358.18 for Nasdaq, 1,946.356 for Russell, 4,079.09 for S&P
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| Coupon barrier levels: | 8,650.73 for Nasdaq, 1,362.45 for Russell, 2,855.36 for S&P; 70% of initial levels
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| Final barrier levels: | 8,650.73 for Nasdaq, 1,362.45 for Russell, 2,855.36 for S&P; 70% of initial levels
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| Pricing date: | Feb. 17, 2023
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| Settlement date: | Feb. 23, 2023
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| Agent: | Barclays
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| Fees: | 2.15%
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| Cusip: | 06749NQK1
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