Published on 8/17/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3 million buffered callable contingent coupon notes on three indexes
By William Gullotti
Buffalo, N.Y., Aug. 17 – Barclays Bank plc priced $3 million of buffered callable contingent coupon notes due Feb. 13, 2025 linked to the lesser performing of the Russell 2000 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 8.15% if each index closes at or above its coupon barrier level, 75% 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 monthly call valuation date after six months.
If each index finishes at or above its barrier level, 75% of its initial level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1.333333% for each 1% decline of the least-performing index beyond 25%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered callable contingent coupon notes
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| Underlying indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
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| Amount: | $3 million
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| Maturity: | Feb. 13, 2025
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| Contingent coupon: | 8.15% per year, payable monthly 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 barrier level, par plus final coupon; otherwise, 1.333333% loss for each 1% decline of the worst performer beyond buffer level
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| Call option: | At par plus any coupon due on any monthly call observation date after six months
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| Initial index levels: | 1,922.621 for Russell, 4,468.83 for Nasdaq, 35,176.15 for Dow
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| Coupon barrier levels: | 1,441.97 for Russell, 3,351.62 for Nasdaq, 26,382.11 for Dow; 75% of initial levels
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| Buffer levels: | 1,441.97 for Russell, 3,351.62 for Nasdaq, 26,382.11 for Dow; 75% of initial levels
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| Pricing date: | Aug. 10
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| Settlement date: | Aug. 15
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| Agent: | Barclays
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| Fees: | 0.6%
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| Cusip: | 06745N5R3
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