Published on 2/10/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.53 million callable contingent coupon notes on three stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 10 – Barclays Bank plc priced $1.53 million of callable contingent coupon notes due Feb. 10, 2028 linked to the worst performing of Philip Morris International Inc., Altria Group, Inc. and British American Tobacco plc, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 13.5% if each stock closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any quarterly call date.
If the notes are not redeemed early, the payout at maturity will be par unless any stock finishes below its 65% 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: | Philip Morris International Inc., Altria Group, Inc., British American Tobacco plc
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Amount: | $1,532,000
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Maturity: | Feb. 10, 2028
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Contingent coupon: | 13.5% per year, payable quarterly if each stock closes at or above coupon barrier on the observation date for that period
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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 quarterly call date
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Initial levels: | $102.20 for Philip Morris, $46.56 for Altria, $37.56 for British American
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Coupon barriers: | $71.54 for Philip Morris, $32.59 for Altria, $30.26 for British American; 70% of initial levels
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Final barrier levels: | $66.43 for Philip Morris, $30.26 for Altria, $24.41 for British American; 65% of initial levels
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Pricing date: | Feb. 7
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Settlement date: | Feb. 10
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Agent: | Barclays
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Fees: | 3.775%
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Cusip: | 06749NNR9
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