Published on 1/26/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $424,000 callable contingent coupon notes on four stocks
By Kiku Steinfeld
Chicago, Jan. 26 – Barclays Bank plc priced $424,000 of callable contingent coupon notes due Dec. 11, 2025 linked to the worst performing of Amazon.com, Inc., Walmart Inc., Costco Wholesale Corp. and Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 19.5% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date, plus any previously unpaid coupon.
The notes will be callable in whole at par plus any coupon due on any monthly call date after three months.
If the notes are not redeemed early, the payout at maturity will be par unless any stock finishes below its 60% final barrier level, in which case investors will be fully exposed to the decline of the least performing stock 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 stocks: | Amazon.com, Inc., Walmart Inc., Costco Wholesale Corp. and Target Corp.
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| Amount: | $424,000
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| Maturity: | Dec. 11, 2025
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| Contingent coupon: | 19.5% per year, payable monthly if each stock closes at or above coupon barrier on the observation date for that period, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below its final barrier level, in which case full exposure to decline of least performing stock from its initial level
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| Call option: | In whole at par plus any coupon due on any monthly call date after three months
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| Initial levels: | $121.23 for Amazon, $511.23 for Costco, $150 for Walmart, $131.75 for Target
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| Coupon barriers: | $84.86 for Amazon, $357.86 for Costco, $105 for Walmart, $92.23 for Target; 70% of initial levels
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| Final barrier levels: | $72.74 for Amazon, $306.74 for Costco, $90 for Walmart, $79.05 for Target; 60% of initial levels
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| Pricing date: | June 7, 2023
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| Settlement date: | June 12, 2023
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06745MHV3
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