Published on 9/8/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.64 million phoenix autocallable notes linked to ETFs
By Wendy Van Sickle
Columbus, Ohio, Sept. 8 – Barclays Bank plc priced $2.64 million of phoenix autocallable notes due Sept. 4, 2026 linked to the least performing of the Energy Select Sector SPDR fund, Health Care Select Sector SPDR fund and Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 14.1% if each underlier closes at or above its 70% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each underlier closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par plus the final coupon if each underlier finishes at or above its coupon barrier.
Otherwise, investors will lose 1% for each 1% decline of the worst performer from its initial level.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Phoenix autocallable notes
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Underlying assets: | Energy Select Sector SPDR fund, Health Care Select Sector SPDR fund and Financial Select Sector SPDR fund
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Amount: | $2,637,000
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Maturity: | Sept. 4, 2026
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Coupon: | 14.1% annualized, payable monthly if each underlier closes at or above coupon barrier on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon if each underlier finishes at or above its coupon barrier; otherwise, 1% loss for each 1% decline of the worst performer from initial level
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Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any monthly call observation date after one year
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Initial levels: | $90.74 for Energy, $133.57 for Health Care, $34.69 for Financial
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Coupon barriers: | $63.52 for Energy, $93.50 for Health Care, $24.28 for Financial; 70% of initial levels
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Final barriers: | $63.52 for Energy, $93.50 for Health Care, $24.28 for Financial; 70% of initial levels
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Pricing date: | Sept. 1
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Settlement date: | Sept. 7
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Agent: | Barclays
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Fees: | 0.7%
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Cusip: | 06745NDZ6
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