Published on 1/16/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.7 million callable contingent coupon notes on indexes, ETF
By Wendy Van Sickle
Columbus, Ohio, Jan. 16 – Barclays Bank plc priced $2.7 million of callable contingent coupon notes due Jan. 8, 2027 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Consumer Staples Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 10.55% if each underlier 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 monthly call date after three months.
If the notes are not redeemed early and each underlier finishes at or above its 60% final barrier level, the payout at maturity will be par plus any final coupon.
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
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Issue: | Callable contingent coupon notes
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Underlying assets: | Russell 2000 index, S&P 500 index, Consumer Staples Select Sector SPDR Fund
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Amount: | $2,702,000
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Maturity: | Jan. 8, 2027
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Contingent coupon: | 10.55% annual rate, payable monthly if each underlier 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: | If the final level of each underlier is greater than or equal to its final barrier, par plus any final coupon; otherwise, lose 1% for every 1% decline of the worst performer 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: | $72.01 for fund, 1,951.142 for Russell, 4,697.24 for S&P
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Coupon barriers: | $50.41 for fund, 1,365.80 for Russell, 3,288.07 for S&P; 70% of initial levels
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Final barrier levels: | $43.21 for fund, 1,170.69 for Russell, 2,818.34 for S&P; 60% of initial levels
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Pricing date: | Jan. 5
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Settlement date: | Jan. 10
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Agent: | Barclays
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Fees: | 0.3%
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Cusip: | 06745PHJ3
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