Published on 8/8/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.11 million callable contingent coupon notes on S&P, Russell, Nasdaq
Chicago, Aug. 8 – Barclays Bank plc priced $1.11 million of callable contingent coupon notes due July 30, 2026 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 8.75% if each index closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
The notes are callable at par monthly starting after six months.
If each index finishes at or above its 70% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the least performing index’s decline 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 and Nasdaq-100 index
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Amount: | $1,108,000
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Maturity: | July 30, 2026
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Contingent coupon: | 8.75% 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 if each index finishes at or above final barrier; otherwise, investors will lose 1% for each 1% decline of least performing index
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Call option: | At par monthly starting after six months
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Initial levels: | 4,566.75 for S&P, 1,980.355 for Russell and 15,499.26 for Nasdaq
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Coupon barrier levels: | 3,425.06 for S&P, 1,485.27 for Russell and 11,624.45 for Nasdaq, or 75% of initial levels
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Final barrier levels: | 3,196.73 for S&P, 1,386.25 for Russell and 10,849.48 for Nasdaq, or 70% of initial levels
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Pricing date: | July 26
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Settlement date: | July 31
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Agent: | Barclays
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Fees: | 2.8%
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Cusip: | 06745MNX2
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