Published on 7/25/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.85 million callable contingent coupon notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, July 25 – Barclays Bank plc priced $4.85 million of callable contingent coupon notes due July 23, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 8.7% if the index closes at or above its coupon trigger level, 70% of the initial price, on the determination date for that period.
The notes will be automatically called at par plus the contingent coupon if the index closes at or above the initial level on any monthly determination date after three months.
The payout at maturity will be par plus any final coupon unless the index finishes below its 60% trigger level, in which case investors will lose 1% for each 1% decline from the initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying index: | S&P 500
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| Amount: | $4.85 million
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| Maturity: | July 23, 2026
|
| Coupon: | 8.7% per year, payable monthly if index closes at or above coupon trigger level on a related determination date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon, if any, unless the index finishes below its trigger level, in which case investors will lose 1% for each 1% decline from the initial level
|
| Call: | At par plus contingent coupon if index closes at or above initial level on any monthly determination date after three months
|
| Initial level: | 4,534.87
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| Coupon trigger level: | 3,174.41, 70% of initial level
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| Trigger level: | 2,720.92, 60% of initial level
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| Pricing date: | July 20
|
| Settlement date: | July 25
|
| Agent: | Barclays
|
| Fees: | 0.75%
|
| Cusip: | 06745MRC4
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