Published on 7/17/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.97 million callable contingent coupon notes on Schwab, Netflix, NIKE
By William Gullotti
Buffalo, N.Y., July 17 – Barclays Bank plc priced $1.97 million of callable contingent coupon notes due July 3, 2026 linked to the worst performing of Charles Schwab Corp., Netflix, Inc. and NIKE, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 19.25% if each stock closes at or above its coupon barrier level, 60% of its initial level, on the related observation date. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
The notes will be callable in whole at par plus any coupon due on any monthly call date after six months.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon 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: | Charles Schwab Corp., NIKE, Inc., Netflix, Inc.
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| Amount: | $1,967,000
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| Maturity: | July 3, 2026
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| Contingent coupon: | 19.25% per year, payable monthly if each stock closes at or above coupon barrier on the observation date for that period; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon unless any stock finishes below its final barrier level, in which case full exposure to decline of least performing stock from its initial level
|
| Call option: | In whole at par plus any coupon due on any monthly call date after six months
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| Initial levels: | $110.37 for NIKE, $56.68 for Charles Schwab, $440.49 for Netflix
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| Coupon barriers: | $66.22 for NIKE, $34.01 for Charles Schwab, $264.29 for Netflix; 60% of initial levels
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| Final barrier levels: | $66.22 for NIKE, $34.01 for Charles Schwab, $264.29 for Netflix; 60% of initial levels
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| Pricing date: | June 30
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| Settlement date: | July 6
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06745MMA3
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