Published on 8/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $500,000 buffered callable contingent coupon notes on Costco, Amazon
Chicago, Aug. 21 – Barclays Bank plc priced $500,000 of buffered callable contingent coupon notes due Aug. 7, 2024 linked to the lesser performing of the common stocks of Costco Wholesale Corp. and Amazon.com, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 9.65% if each stock closes at or above its coupon barrier level, 65% 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 stock finishes at or above its buffer level, 65% of its initial level, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for each 1% decline of the least-performing stock beyond the 35% buffer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered callable contingent coupon notes
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| Underlying stocks: | Costco Wholesale Corp. and Amazon.com, Inc.
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| Amount: | $500,000
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| Maturity: | Aug. 7, 2024
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| Contingent coupon: | 9.65% per year, payable monthly if each stock 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 stock finishes at or above buffer level, par plus final coupon; otherwise, 1% 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 stock levels: | $543.46 for Costco, $134.16 for Amazon
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| Coupon barrier levels: | $353.25 for Costco, $87.20 for Amazon; 65% of initial levels
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| Buffer levels: | $353.25 for Costco, $87.20 for Amazon; 65% of initial levels
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| Pricing date: | Aug. 3, 2022
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| Settlement date: | Aug. 8, 2022
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| Agent: | Barclays
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| Fees: | 0.4%
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| Cusip: | 06748XLX7
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