Published on 8/11/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.8 million phoenix autocallable notes on three SPDR sector ETFs
By William Gullotti
Buffalo, N.Y., Aug. 11 – Barclays Bank plc priced $2.8 million of phoenix autocallable notes due Aug. 5, 2027 linked to the least performing of the Energy Select Sector SPDR Fund, the Financial Select Sector SPDR Fund and the Utilities 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 12.5% if each ETF closes at or above its 60% coupon barrier on a related observation date.
The notes will be called at par plus the contingent coupon if each ETF closes at or above its initial level on any monthly call observation date after six months.
The payout at maturity will be par plus the final coupon unless any ETF finishes below 60% of its initial value, in which case investors will lose 1% for each 1% decline of the worst performing ETF 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 funds: | Energy Select Sector SPDR Fund, Utilities Select Sector SPDR Fund, Financial Select Sector SPDR Fund
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Amount: | $2,802,000
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Maturity: | Aug. 5, 2027
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Coupon: | 12.5% annualized, payable monthly if each ETF 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 unless any ETF finishes below final barrier, in which case 1% loss for each 1% decline of the worst performing ETF from its initial level
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Call: | Automatically at par plus contingent coupon if each ETF closes at or above initial level on any monthly call observation date after six months
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Initial levels: | $87.48 for Energy, $35.33 for Financial, $67.07 for Utilities
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Coupon barriers: | $52.49 for Energy, $21.20 for Financial, $40.24 for Utilities; 60% of initial levels
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Final barriers: | $52.49 for Energy, $21.20 for Financial, $40.24 for Utilities; 60% of initial levels
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Pricing date: | Aug. 1
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Settlement date: | Aug. 4
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Agent: | Barclays
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Fees: | 0.25%
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Cusip: | 06745MXH6
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