Published on 7/19/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $587,000 callable contingent coupon notes on Russell, Nasdaq, Technology Select
By Wendy Van Sickle
Columbus, Ohio, July 19 – Barclays Bank plc priced $587,000 of callable contingent coupon notes due July 17, 2028 linked to the worst performing of the Nasdaq-100 index, the Russell 2000 index and the Technology 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 11.25% if each asset closes at or above its coupon barrier level, 70% of its initial level, on the related observation date.
After three months, the notes will be callable in whole at par plus any coupon due on any monthly call date.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon, if any, if each asset’s final value is greater than or equal to its 60% final barrier level.
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: | Nasdaq-100 index, Russell 2000 index, Technology Select Sector SPDR fund
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| Amount: | $587,000
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| Maturity: | July 17, 2028
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| Contingent coupon: | 11.25% per year, payable monthly if each asset 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 plus final coupon, if any, if each asset finishes at or above final barrier level; otherwise, full exposure to 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: | 15,307.23 for Nasdaq, $173.98 for Technology Select, 1,933.376 for Russell
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| Coupon barriers: | 10,715.06 for Nasdaq, $121.79 for Technology Select, 1,353.36 for Russell; 70% of initial levels
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| Final barrier levels: | 9,184.34 for Nasdaq, $104.39 for Technology Select, 1,160.03 for Russell; 60% of initial levels
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| Pricing date: | July 12
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| Settlement date: | July 17
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| Agent: | Barclays
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| Fees: | 0.75%
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| Cusip: | 06745MR75
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