Published on 2/11/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $498,000 phoenix autocallable notes on three ETFs
By Kiku Steinfeld
Chicago, Feb. 12 – Barclays Bank plc priced $498,000 of phoenix autocallable notes due Dec. 26, 2025 linked to the least performing of the SPDR S&P Biotech ETF, Energy Select Sector SPDR fund and Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at a rate of 14.2% per year if each ETF closes at or above its coupon barrier price, 60% of its initial price, on the related observation date.
The notes will be called at par if each ETF closes at or above its initial price on any monthly observation date after six months.
The payout at maturity will be par unless any ETF finishes below its 60% barrier, in which case investors will lose 1% for each 1% decline of the worst performing ETF.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Phoenix autocallable notes
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| Underlying ETFs: | SPDR S&P Biotech ETF, Energy Select Sector SPDR fund and Financial Select Sector SPDR fund
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| Amount: | $498,000
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| Maturity: | Dec. 26, 2025
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| Coupon: | 14.2%, payable monthly if each ETF closes at or above its coupon barrier on related observation date
|
| Price: | Par of $1,000
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| Payout at maturity: | Par unless any ETF finishes below its barrier price, in which case investors will lose 1% for each 1% decline of worst performer
|
| Call: | At par if each ETF closes at or above its initial price on any monthly observation date after six months
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| Initial prices: | $86.59 for Biotech, $77.92 for Energy, $32.88 for Financial
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| Coupon barriers/barriers: | $51.95 for Biotech, $46.75 for Energy, $19.73 for Financial; 60% of initial prices
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| Pricing date: | June 22, 2023
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| Settlement date: | June 27, 2023
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| Agent: | Barclays
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| Fees: | 0.7%
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| Cusip: | 06745MK98
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