Published on 6/21/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $233,000 callable contingent coupon notes on three ETFs
Chicago, June 21 – Barclays Bank plc priced $233,000 of callable contingent coupon notes due June 5, 2028 linked to the worst performing of the SPDR S&P Biotech ETF, the Energy Select Sector SPDR fund and the Real Estate Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 12.5% if each ETF closes at or above its coupon barrier level, 70% of its initial level, on the related observation date. Previously unpaid coupons will also be paid.
The notes will be callable in whole at par plus any coupon due on any quarterly call date starting after one year.
If the notes are not redeemed early, the payout at maturity will be par plus the final coupon unless any ETF finishes below its 50% final barrier level, in which case investors will be fully exposed to the losses of the worst performer.
Barclays is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying ETFs: | SPDR S&P Biotech ETF, Energy Select Sector SPDR fund and Real Estate Select Sector SPDR fund
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| Amount: | $233,000
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| Maturity: | June 5, 2028
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| Contingent coupon: | 12.5% per year, payable quarterly if each ETF closes at or above coupon barrier on the observation date for that period; previously unpaid coupons will also be paid
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless any ETF finishes below its final barrier level, in which case full exposure to decline of least performing ETF
|
| Call option: | In whole at par plus any coupon due on any quarterly call date starting after one year
|
| Initial levels: | $83.92 for biotech, $76.59 for energy, $36.04 for real estate
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| Coupon barriers: | $58.74 for biotech, $53.61 for energy, $25.23 for real estate; 70% of initial levels
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| Final barrier levels: | $41.96 for biotech, $38.30 for energy, $18.02 for real estate; 50% of initial levels
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agent: | Barclays
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| Fees: | 4.125%
|
| Cusip: | 06745MF29
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