Published on 5/22/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $7.21 million trigger autocallable contingent yield notes on three ETFs
By William Gullotti
Buffalo, N.Y., May 22 – Barclays Bank plc priced $7.21 million of trigger autocallable contingent yield notes due May 21, 2026 linked to the performance of the SPDR Dow Jones Industrial Average ETF Trust, the SPDR S&P MidCap 400 ETF Trust and the Invesco QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each ETF closes at or above its coupon barrier, 69.08% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if each ETF closes at or above its initial level on any quarterly observation date after six months.
If each ETF finishes at or above its 69.08% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
Issuer: | Barclays Bank plc
|
Issue: | Trigger autocallable contingent yield notes
|
Underlying ETFs: | SPDR Dow Jones Industrial Average ETF Trust, SPDR S&P MidCap 400 ETF Trust, Invesco QQQ Trust, Series 1
|
Amount: | $7,205,500
|
Maturity: | May 21, 2026
|
Coupon: | 9.5% annual rate, payable quarterly if each ETF closes at or above coupon barrier on observation date
|
Price: | Par of $10
|
Payout at maturity: | Par plus the coupon if each ETF finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of the worst performer from initial level
|
Call: | At par plus the coupon if each ETF closes at or above initial level on any quarterly observation date after six months
|
Initial levels: | $330.35 for Dow ETF, $441.42 for MidCap ETF, $327.16 for QQQ
|
Coupon barriers: | $228.21 for Dow ETF, $304.93 for MidCap ETF, $226.00 for QQQ; 69.08% of initial levels
|
Downside thresholds: | $228.21 for Dow ETF, $304.93 for MidCap ETF, $226.00 for QQQ; 69.08% of initial levels
|
Pricing date: | May 16
|
Settlement date: | May 19
|
Agents: | Barclays and UBS Financial Services Inc.
|
Fees: | 2%
|
Cusip: | 06748G579
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.