Published on 9/22/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $506,000 callable contingent coupon notes on Dow, Russell, Nasdaq
By Kiku Steinfeld
Chicago, Sept. 22 – Barclays Bank plc priced $506,000 of callable contingent coupon notes due March 14, 2028, linked to the worst performing of the Dow Jones industrial average, the Nadaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 9.2% if each asset closes at or above its coupon barrier level, 60% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any monthly valuation date after six months.
If each asset finishes at or above its final barrier level, 60% of its initial level, the payout at maturity will be par plus the coupon, if any. Otherwise, investors will be fully exposed to the decline of the least-performing asset.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying assets: | Nasdaq-100 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $506,000
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| Maturity: | March 14, 2028
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| Contingent coupon: | 9.2% per year, payable monthly if each asset 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: | If each asset finishes at or above final barrier, par plus any coupon; otherwise, full exposure to losses of least-performing asset
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| Call option: | In whole at par plus any coupon due on any monthly valuation date after six months
|
| Initial levels: | 11,995.88 for Nasdaq, 32,254.86 for Dow, 1,826.586 for Russell
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| Coupon barriers: | 7,197.53 for Nasdaq, 19,352.92 for Dow, 1,095.95 for Russell, 60% of initial levels
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| Final barriers: | 7,197.53 for Nasdaq, 19,352.92 for Dow, 1,095.95 for Russell, 60% of initial levels
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| Pricing date: | March 9, 2023
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| Settlement date: | March 14, 2023
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| Underwriter: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06749NW40
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