Published on 4/10/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $580,000 buffered dual directional notes linked to Nasdaq, Russell, S&P
By Angela McDaniels
Tacoma, Wash., April 10 – Barclays Bank plc priced $580,000 of 0% buffered dual directional notes due July 18, 2024 linked to the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the least performing index’s final level is greater than its initial level, the payout at maturity will be par plus the least performing index’s return, subject to a maximum upside return of 12.1%.
If the least performing index’s final level is less than or equal to its initial level but greater than or equal to its buffer level, 80% of its initial level, the payout will be par plus the absolute value of the least performing index’s return.
If the least performing index’s final level is less than its buffer level, investors will lose 1% for every 1% that the index declines beyond 20%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Buffered dual directional notes
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| Underlying indexes: | Nasdaq-100 index, Russell 2000 index and S&P 500 index
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| Amount: | $580,000
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| Maturity: | July 18, 2024
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If least performing index’s final level is greater than initial level, par plus least performing index’s return, subject to cap of 12.1%; if least performing index’s final level is less than or equal to initial level but greater than or equal to buffer level, par plus absolute value of least performing index’s return; otherwise, 1% loss for every 1% that index declines beyond 20%
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| Initial levels: | 15,565.6 for Nasdaq, 1,931.09 for Russell and 4,505.42 for S&P
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| Buffer levels: | 12,452.48 for Nasdaq, 1,544.87 for Russell and 3,604.34 for S&P, or 80% of initial levels
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| Pricing date: | July 14, 2023
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| Settlement date: | July 19, 2023
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| Agent: | Barclays
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| Fees: | 0.25%
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| Cusip: | 06745MQ76
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