Published on 12/12/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $610,000 callable contingent coupon notes on three ETFs
Chicago, Dec. 12 – Barclays Bank plc priced $610,000 callable contingent coupon notes due May 8, 2025 linked to the worst performing of the SPDR S&P Regional Banking ETF, the Technology Select Sector SPDR Fund and the Financial Select Sector SPDR Fund, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate 20.2% if each ETF closes at or above its downside threshold level, 60% of its initial ETF level, on the corresponding observation date.
The notes will be callable at par plus any coupon otherwise due on any monthly call valuation date starting after three months.
If each ETF finishes at or above its 60% downside threshold, the payout at maturity will be par plus the final coupon.
Otherwise, investors will lose 1% for each 1% decline of the least-performing ETF 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 funds: | SPDR S&P Regional Banking ETF, Technology Select Sector SPDR Fund and Financial Select Sector SPDR Fund
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| Amount: | $610,000
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| Maturity: | May 8, 2025
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| Coupon: | 20.2% per year, payable monthly if each ETF closes at or above downside threshold on the corresponding determination date
|
| Price: | Par
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| Payout at maturity: | If each ETF finishes at or above downside threshold, par plus final coupon; otherwise, full exposure to decline of lowest-performing ETF from initial level
|
| Call option: | At par plus any coupon otherwise due on any monthly determination date starting after three months
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| Initial levels: | $38.35 for banking, $151.24 for technology, $32.33 for financial
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| Downside thresholds: | $23.01 for banking, $90.74 for technology, $19.40 for financial; 60% of initial levels
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| Pricing date: | May 5, 2023
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| Settlement date: | May 10, 2023
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| Agent: | Barclays
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| Fees: | 0.6%
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| Cusip: | 06745MC63
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