Correction: Barclays SuperTrack notes tied Financial Select Sector SPDR fund have barrier

A story in the June 12 edition of the Prospect News Structured Products Daily and a related commentary published in the June 13 newsletter incorrectly reported the payout terms for Barclays Bank plc’s SuperTrack notes linked to the Financial Select Sector SPDR fund. The story omitted to state the existence of an 80% barrier, which provides 20% in contingent protection. A revised version of the story follows:

By Marisa Wong

Morgantown, W.Va., June 13 – Barclays Bank plc plans to issue 0% SuperTrack notes due June 16, 2022 linked to the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.

If the ETF return is positive, the payout at maturity will be par plus 1.36 times the ETF return.

If the ETF return is zero or negative but the fund finishes at or above the barrier price, 80% of the initial price, the payout will be par.

If the fund finishes below the 80% barrier price, investors will have one-to-one exposure to the decline.

Barclays is the agent.

The notes were set to price on June 12.

The Cusip number is 06741VYP1.

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