Published on 8/1/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4.97 million callable contingent coupon notes on Russell, S&P
By Kiku Steinfeld
Chicago, Aug. 1 – Barclays Bank plc priced $4.97 million of callable contingent coupon notes due Feb. 20, 2026 linked to the worst 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 8.5% if each index closes at or above its coupon barrier level, 70% of its initial level, on the related quarterly observation date starting Aug. 17, 2023.
The notes will be callable in whole at par plus any coupon due on any quarterly call date starting Aug. 17, 2023.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon if each index’s final value is greater than or equal to its coupon barrier.
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 indexes: | Russell 2000 index, S&P 500 index
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| Amount: | $4,974,000
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| Maturity: | Feb. 20, 2026
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| Contingent coupon: | 8.5% per year, payable quarterly if each index closes at or above coupon barrier on the related quarterly observation date starting Aug. 17, 2023
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| Price: | Par
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| Payout at maturity: | Par plus final coupon if each index finishes at or above coupon barrier; otherwise, full exposure to 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 quarterly call date starting Aug. 17, 2023
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| Initial levels: | 4,079.09 for S&P, 1,946.356for Russell
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| Coupon barriers: | 2,855.36 for S&P, 1,362.45 for Russell; 70% of initial levels
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| Final barrier levels: | 2,855.36 for S&P, 1,362.45 for Russell; 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: | 1.95%
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| Cusip: | 06749NKT8
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