Published on 12/1/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $250,000 callable contingent coupon notes on Pfizer
By Kiku Steinfeld
Chicago, Dec. 1 – Barclays Bank plc priced $250,000 of callable contingent coupon notes due April 24, 2025 linked to the common stock of Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a coupon of 8.85% per year, payable quarterly, if the closing price of Pfizer shares is greater than or equal to the barrier price, 70% of the initial share price. Otherwise, holders will not receive the contingent interest payment for that quarter.
The notes are callable on any quarterly contingent coupon payment date at par plus the contingent coupon, if any.
If the notes are not called, the payout at maturity will be par if the final share price is greater than or equal to the barrier price. If the final share price is less than the barrier price, investors will receive a number of Pfizer shares equal to $1,000 divided by the initial share price or, at Barclays' option, an amount in cash equal to the value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying stock: | Pfizer Inc.
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| Amount: | $250,000
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| Maturity: | April 24, 2025
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| Coupon: | 8.85% per year, payable quarterly if Pfizer shares close at or above barrier price on valuation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par if final share price is greater than or equal to barrier price; otherwise, exposure to share price decline or, at Barclays' option, 24.85089 Pfizer shares
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| Call option: | At par plus contingent coupon, if any, on any interest payment date
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| Initial share price: | $40.24
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| Barrier price: | $28.17, 70% of initial share price
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| Pricing date: | April 19, 2023
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| Settlement date: | April 24, 2023
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| Agent: | Barclays
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| Fees: | 1.75%
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| Cusip: | 06741W4A5
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