Published on 8/25/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.71 million barrier contingent coupon notes on Dow, Nasdaq, Russell
Chicago, Aug. 25 – Barclays Bank plc priced $1.71 million of barrier contingent coupon notes due Aug. 21, 2026 linked to the performance of the Dow Jones industrial average, 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 semiannual coupon at an annualized rate of 7.25% if each index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.
If each index finishes at or above its barrier level, 60% 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 worst performing index from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Barrier contingent coupon notes
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Underlying indexes: | Nasdaq-100 index, Russell 2000 index, Dow Jones industrial average
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Amount: | $1,710,000
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Maturity: | Aug. 21, 2026
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Contingent coupon: | 7.25% per year, payable semiannually 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% loss for each 1% decline of the worst performer from initial level
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Initial index levels: | 34,500.66 for Dow, 1,859.421 for Russell, 14,694.84 for Nasdaq
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Coupon barrier levels: | 20,700.40 for Dow, 1,115.65 for Russell, 8,816.90 for Nasdaq; 60% of initial levels
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Barrier levels: | 20,700.40 for Dow, 1,115.65 for Russell, 8,816.90 for Nasdaq; 60% of initial levels
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Pricing date: | Aug. 18
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Settlement date: | Aug. 23
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Agent: | Barclays
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Fees: | 3.15%
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Cusip: | 06745MWS3
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