Published on 3/17/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3.35 million callable contingent coupon barrier notes on three indexes
By Kiku Steinfeld
Chicago, March 18 – Barclays Bank plc priced $3.35 million of callable contingent coupon barrier notes due July 6, 2026 linked to the worst performing of the Euro Stoxx 50 index, the Russell 2000 index and the Dow Jones industrial average index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 11.1% if each index closes at or above its coupon barrier level, 75% of its initial level, on every trading day during the observation period.
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 and each index finishes at or above its 75% final barrier level, the payout at maturity will be par plus any final coupon otherwise due.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon barrier notes
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| Underlying indexes: | Euro Stoxx 50 index, Dow Jones industrial average and Russell 2000 index
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| Amount: | $3,350,000
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| Maturity: | July 6, 2026
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| Contingent coupon: | 11.1% per year, payable quarterly if each index closes at or above coupon barrier on every trading day during the observation period
|
| Price: | Par
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| Payout at maturity: | Par plus any final coupon otherwise due if each index finishes at or above its final barrier; otherwise, full exposure to decline of the worst performer from its initial level
|
| Call option: | In whole at par plus any coupon due on any quarterly call date
|
| Initial levels: | 4,399.09 for Stoxx, 34,407.60 for Dow, 1,888.734 for Russell
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| Coupon barriers: | 3,299.32 for Stoxx, 25,805.70 for Dow, 1,416.55 for Russell; 75% of initial levels
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| Final barrier levels: | 3,299.32 for Stoxx, 25,805.70 for Dow, 1,416.55 for Russell; 75% of initial levels
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| Pricing date: | June 30, 2023
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| Settlement date: | July 6, 2023
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| Agent: | Barclays
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| Fees: | 2%
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| Cusip: | 06745MML9
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