Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.85 million contingent income callable securities on three indexes
By William Gullotti
Buffalo, N.Y., April 29 – Barclays Bank plc priced $7.85 million contingent income callable securities due April 15, 2027 linked to the worst performing of the Russell 2000 index, the S&P 500 index and the Nikkei 225 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate 10.25% if each index closes at or above its coupon barrier level, 65% of its initial index level, on each scheduled trading day for the observation period.
The notes will be callable at par plus any coupon due on any quarterly payment date after one year.
If each index finishes at or above its downside threshold level, 65% of its initial index level, the payout at maturity will be par plus any final contingent coupon otherwise due. Otherwise, investors will lose 1% for each 1% decline of the least-performing index from its initial level.
Barclays is the agent. Morgan Stanley Wealth Management is the selected dealer.
Issuer: | Barclays Bank plc
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Issue: | Contingent income callable securities
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Underlying indexes: | Russell 2000 index, S&P 500 index, Nikkei 225 index
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Amount: | $7,851,000
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Maturity: | April 15, 2027
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Coupon: | 10.25% per year, payable quarterly if each index closes at or above coupon barrier on every scheduled trading day during the determination period
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Price: | Par
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Payout at maturity: | If each index finishes at or above downside threshold, par plus any final contingent coupon due; if final level of any index is less than downside threshold, full exposure to decline of lowest-performing index
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Call option: | At par plus any coupon on any quarterly determination date after one year
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Initial levels: | 2,003.174 for Russell, 5,123.41 for S&P, 39,523.55 for Nikkei
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Coupon barrier: | 1,302.063 for Russell, 3,330.217 for S&P, 25,690.308 for Nikkei; 65% of initial levels
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Downside thresholds: | 1,302.063 for Russell, 3,330.217 for S&P, 25,690.308 for Nikkei; 65% of initial levels
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Pricing date: | April 12
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Settlement date: | April 17
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Agent: | Barclays
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Dealer: | Morgan Stanley Wealth Management
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Fees: | 1.2857%
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Cusip: | 06745QL72
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