Published on 4/16/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.29 million callable contingent coupon notes linked to Russell, Nasdaq, Dow
By Wendy Van Sickle
Columbus, Ohio, April 16 – Barclays Bank plc priced $3.29 million of callable contingent coupon notes due Jan. 17, 2029 linked to the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9.55% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par quarterly.
If the final level of the least performing index is greater than or equal to its barrier level, 60% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least performing index declines from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
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| Underlying indexes: | Russell 2000 index, Nasdaq-100 index and Dow Jones industrial average
|
| Amount: | $3,293,000
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| Maturity: | Jan. 17, 2029
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| Coupon: | 9.55% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless final level of least performing index is less than barrier level, in which case 1% loss for every 1% that least performing index declines from initial level
|
| Call option: | Callable at par quarterly
|
| Initial levels: | 2,042.604 for Russell, 18,307.98 for Nasdaq and 38,459.08 for Dow
|
| Coupon barrier levels: | 1,429.82 for Russell, 12,815.59 for Nasdaq and 26,921.36 for Dow, or 70% of initial levels
|
| Barrier levels: | 1,225.56 for Russell, 10,984.79 for Nasdaq and 23,075.45 for Dow, or 60% of initial levels
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| Pricing date: | April 11
|
| Settlement date: | April 16
|
| Agent: | Barclays
|
| Fees: | 0.8%
|
| Cusip: | 06745QKV0
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