Published on 4/29/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $8.83 million callable contingent coupon notes on Dow, Russell, Nasdaq
By Kiku Steinfeld
Chicago, April 29 – Barclays Bank plc priced $8.83 million of callable contingent coupon notes due Aug. 3, 2028 linked to the least performing of the Dow Jones industrial average, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 11.4% if each index closes at or above its coupon barrier level, 75% of its initial level, on the valuation date for that period.
The notes are callable at par quarterly after six months.
If each index finishes at or above its 70% final barrier, the payout at maturity will be par. Otherwise, investors will be fully exposed to the least performing index’s decline 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 indexes: | Dow Jones industrial average, Russell 2000 index and Nasdaq-100 index
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Amount: | $8,833,000
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Maturity: | Aug. 3, 2028
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Contingent coupon: | 11.4% per year, payable monthly if each index closes at or above coupon barrier on the valuation date for that period
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Price: | Par
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Payout at maturity: | Par if each index finishes at or above final barrier; otherwise, investors will lose 1% for each 1% decline of least performing index
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Call option: | At par quarterly after six months
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Initial levels: | 35,559.53 for Dow, 2,003.177 for Russell and 15,757 for Nasdaq
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Coupon barrier levels: | 26,669.65 for Dow, 1,502.38 for Russell and 11,817.75 for Nasdaq, or 75% of initial levels
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Final barrier levels: | 24,891.67 for Dow, 1,402.22 for Russell and 11,029.90 for Nasdaq, or 70% of initial levels
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Pricing date: | July 31, 2023
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Settlement date: | Aug. 3, 2023
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Agent: | Barclays
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Fees: | 0.875%
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Cusip: | 06745MU71
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