Published on 3/1/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $29.2 million 10.35% trigger callable yield notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, March 1 – Barclays Bank plc priced $29.2 million of 10.35% trigger callable yield notes due May 28, 2024 linked to the Nasdaq-100 index and the SPDR S&P MidCap 400 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on any coupon payment date after three months.
The payout at maturity will be par unless the least-performing asset finishes below its 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the least-performing asset from its initial level.
UBS Financial Services Inc. and Barclays Capital Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger callable yield notes
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Underlying funds: | SPDR S&P MidCap 400 ETF Trust, Nasdaq-100 index
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Amount: | $29.2 million
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Maturity: | May 28, 2024
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Coupon: | 10.35% per year, payable monthly
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Price: | Par of $10
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Payout at maturity: | Par unless least-performing asset finishes below downside threshold, in which case 1% loss for each 1% decline of least-performing asset from initial level
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Call option: | At par on any coupon date after three months
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Initial level: | $475.24 for SPDR S&P MidCap, 12,066.27 for Nasdaq
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Downside threshold: | $332.67 for SPDR S&P MidCap, 8,446.39 for Nasdaq; 70% of initial level
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agents: | UBS Financial Services Inc. and Barclays Capital Inc.
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Fees: | 1%
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Cusip: | 06748F431
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