Published on 9/27/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $17.97 million of trigger callable contingent yield notes on three indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 27 – Barclays Bank plc priced $17.97 million of trigger callable contingent yield notes with daily coupon observation due June 25, 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 will pay a contingent quarterly coupon at an annual rate of 11.71% if each index closes at or above its coupon barrier, 70% of its initial level, every day that quarter.
The notes may be called at the option of the issuer at par of $10 plus any contingent coupon due on any quarterly observation date.
The payout at maturity will be par plus the final coupon if each index finishes at or above the coupon barrier.
If the worst performer finishes below the coupon barrier but at or above the downside threshold level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline of the worst performer from its initial level.
UBS Financial Services Inc. and Barclays Capital Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger callable contingent yield notes with daily coupon observation
|
| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
|
| Amount: | $17,972,000
|
| Maturity: | June 25, 2026
|
| Coupon: | 11.71% annual rate, payable quarterly if each index closes at or above coupon barrier on every day that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus the final coupon if each index finishes at or above coupon barrier; if worst performer finishes below coupon barrier but at or above downside threshold, par; otherwise, 1% loss for each 1% decline of worst performing index from initial level
|
| Call option: | At par plus any coupon due on any quarterly observation date
|
| Initial index levels: | 4,320.06 for S&P, 1,776.503 for Russell, 14,701.1 for Nasdaq
|
| Coupon barrier levels: | 3,024.04 for S&P, 1,243.552 for Russell, 10,290.77 for Nasdaq; 70% of initial levels
|
| Downside thresholds: | 2,592.04 for S&P, 1,065.902 for Russell, 8,820.66 for Nasdaq; 60% of initial levels
|
| Pricing date: | Sept. 22
|
| Settlement date: | Sept. 27
|
| Agents: | UBS Financial Services Inc. and Barclays Capital Inc.
|
| Fees: | 1%
|
| Cusip: | 06748J813
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
