Published on 10/19/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.11 million callable contingent coupon notes on index, ETFs
Chicago, Oct. 19 – Barclays Bank plc priced $1.11 million of callable contingent coupon notes due Jan. 16, 2026 linked to the least performing of the S&P 500 index, the iShares Russell 2000 Value ETF and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 10.6% if each underlier closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call date after three months.
If the notes are not redeemed early and the worst performer finishes at or above its 60% final barrier level, the payout at maturity will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index, iShares Russell 2000 Value ETF and Utilities Select Sector SPDR Fund
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Amount: | $1,114,000
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Maturity: | Jan. 16, 2026
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Contingent coupon: | 10.6% per year, payable monthly if each underlier closes at or above coupon barrier on the observation date for that period
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Price: | Par
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Payout at maturity: | If each underlier finishes at or above final barrier, par; otherwise, loss of 1% for every 1% decline of the worst performer from its initial level
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Call option: | In whole at par plus any coupon due on any monthly call date after three months
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Initial levels: | 4,327.78 for S&P, $131.16 for Russell ETF, $59.30 for utilities fund
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Coupon barriers: | 3,029.45 for S&P, $91.81 for Russell ETF, $41.51 for utilities fund; 70% of initial levels
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Final barrier levels: | 2,596.67 for S&P, $78.70 for Russell ETF, $35.58 for utilities fund; 60% of initial levels
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Pricing date: | Oct. 13
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Settlement date: | Oct. 18
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Agent: | Barclays
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Fees: | 0.25%
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Cusip: | 06745NSL1
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