By Sarah Lizee
Olympia, Wash., July 2 – Barclays Bank plc priced $7.2 million of autocallable contingent coupon notes due June 29, 2023 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 13.75% if the ETF closes at or above its 80% coupon barrier on the observation date for that quarter.
Beginning six months after issuance, the notes will be called at par if the ETF closes at or above its initial level on any quarterly call valuation date other than the final valuation date.
If the notes are not called, the payout at maturity will be par unless the ETF finishes below its 80% knock-in level, in which case investors will be exposed to the losses of the ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable contingent coupon notes
|
| Underlying asset: | Financial Select Sector SPDR fund
|
| Amount: | $7.2 million
|
| Maturity: | June 29, 2023
|
| Coupon: | 13.75% annualized, payable quarterly if ETF closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Call: | At par if ETF closes at or above its initial level on any quarterly call valuation date other than final date after six months
|
| Payout at maturity: | Par unless the ETF finishes below its 80% knock-in level, in which case investors will be exposed to the losses of the ETF
|
| Initial level: | $23.59
|
| Coupon barrier level: | $18.87, 80% of initial level
|
| Barrier level: | $18.87, 80% of initial level
|
| Pricing date: | June 25
|
| Settlement date: | June 30
|
| Agent: | Barclays
|
| Fees: | 2%
|
| Cusip: | 06747Q3P0
|
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