By Taylor Fox
New York, Feb. 16 – Barclays Bank plc priced $600,000 of buffered autocallable contingent coupon notes due Jan. 17, 2023 linked to the least performing of the Financial Select Sector SPDR fund and the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon of at a 7.7% annualized rate if the lower ETF closes at or above its 75% coupon barrier value on the related observation date. Previously unpaid coupons will also be paid.
The notes will be callable at par if the lowest ETF closes at or above its initial level on any quarterly call observation date.
The payout at maturity will be par unless the ETF finishes below 75% of initial level, in which case investors will lose 1.3333% for each 1% decline beyond 25%.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered autocallable contingent coupon notes
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| Underlying funds: | Financial Select Sector SPDR Fund and the Energy Select Sector SPDR Fund
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| Amount: | $600,000
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| Maturity: | Jan. 17, 2023
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| Contingent coupon: | 7.7% annual rate, payable quarterly if the lowest ETF closes at or above coupon barrier level on related observation date; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF finishes below 75% of initial level; 1.333% loss for each 1% decline beyond 25% buffer
|
| Call: | At par if fund closes at or above initial level on any quarterly observation date
|
| Initial levels: | $31.02 for Financial Select and $42.07 for Energy Select
|
| Coupon barrier levels: | $23.27 for Financial Select and $31.55 for Energy Select, 75% of initial levels
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| Buffer levels: | $23.27 for Financial Select and $31.55 for Energy Select, 75% of initial levels
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 15
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06747QWN3
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