Published on 10/14/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $45,000 buffered autocallable contingent coupon notes on gold, silver ETFs
By Kiku Steinfeld
Chicago, Oct. 16 – Barclays Bank plc priced $45,000 of buffered autocallable contingent coupon notes due April 1, 2026 linked to the least performing of the VanEck Vectors Gold Miners ETF and the iShares Silver Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of at a 8.5% annualized rate if the lower ETF closes at or above its 75% coupon barrier value on the related observation date, plus any previously unpaid coupons.
The notes will be callable at par if the lowest ETF closes at or above its initial level on any monthly call observation date after one year.
The payout at maturity will be par plus the coupon unless the ETF finishes below 80% of initial level, in which case investors will lose 1% for each 1% decline beyond 20%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Buffered autocallable contingent coupon notes
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Underlying funds: | VanEck Vectors Gold Miners ETF and iShares Silver Trust
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Amount: | $45,000
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Maturity: | April 1, 2026
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Contingent coupon: | 8.5% annual rate, payable monthly if the lowest ETF closes at or above coupon barrier level on related observation date, plus any previously unpaid coupons
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Price: | Par
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Payout at maturity: | Par plus coupon unless laggard ETF finishes below buffer level; in which case 1% loss for each 1% decline beyond buffer
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Call: | At par if laggard fund closes at or above initial level on any monthly observation date after one year
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Initial levels: | $31.52 for Gold and $21.22 for Silver
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Coupon barrier levels: | $23.64 for Gold and $15.92 for Silver, 75% of initial levels
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Buffer levels: | $25.22 for Gold and $16.98 for Silver, 80% of initial levels
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Pricing date: | March 27, 2023
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Settlement date: | March 30, 2023
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Agent: | Barclays
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Fees: | 3.25%
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Cusip: | 06749NWY4
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