Published on 9/12/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $592,000 callable contingent coupon notes on ETFs
By Wendy Van Sickle
Columbus, Ohio, Sept. 12 – Barclays Bank plc priced $592,000 of callable contingent coupon notes due March 12, 2026 linked to the least performing of the Financial Select Sector SPDR fund, the SPDR S&P Biotech ETF and the Vanguard Real Estate ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 13.1% if each underlier closes at or above its coupon barrier level, 80% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any monthly call date after three months.
If the worst performer finishes at or above its 70% final barrier level, the payout at maturity will be par plus the final coupon. 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: | SPDR S&P Biotech ETF, Financial Select Sector SPDR fund, Vanguard Real Estate ETF
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Amount: | $592,000
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Maturity: | March 12, 2026
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Contingent coupon: | 13.1% per year, payable monthly if each underlier 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: | If the final level of each underlier is greater than or equal to its final barrier, par plus final coupon; otherwise, lose 1% for every 1% 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: | $81.90 for Vanguard Real Estate, $78.76 for SPDR S&P Biotech, $34.23 for Financial Select
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Coupon barriers: | $57.33 for Vanguard Real Estate, $55.13 for SPDR S&P Biotech, $23.96 for Financial Select; 70% of initial levels
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Final barrier levels: | $57.33 for Vanguard Real Estate, $55.13 for SPDR S&P Biotech, $23.96 for Financial Select; 70% of initial levels
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Pricing date: | Sept. 7
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Settlement date: | Sept. 12
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Agent: | Barclays
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Fees: | 0.65%
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Cusip: | 06745NEH5
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