Published on 6/30/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4 million callable contingent coupon notes on S&P, biotech ETF
By Wendy Van Sickle
Columbus, Ohio, June 30 – Barclays Bank plc priced $4 million of callable contingent coupon notes due June 26, 2026 linked to the least performing of the S&P 500 index and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon at annual rate of 10.5% if each asset closes at or above its coupon barrier, 60% of its initial level, on the observation date for that month.
The notes will be callable semiannually at par plus any coupon due on any semiannual call valuation date.
The payout at maturity will be par unless either asset finishes below the 60% downside barrier, in which case investors will lose 1% for each 1% decline of the worst performing asset.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying assets: | S&P 500 index and SPDR S&P Biotech ETF
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Amount: | $4,001,000
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Maturity: | June 26, 2026
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Coupon: | 10.5%, payable semiannually if each asset closes at or above coupon barrier on observation date
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Price: | Par
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Call option: | At par on any semiannual call valuation date
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Payout at maturity: | Par plus any coupon if both assets close above barrier level; otherwise 1% for each 1% decline of worse performing asset from initial level
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Initial levels: | 4,348.33 for S&P, $85.12 for biotech ETF
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Coupon barriers: | 2,609.0 for S&P, $51.07 for biotech ETF, 60% of initial levels
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Barrier levels: | 2,609.0 for S&P, $51.07 for biotech ETF, 60% of initial levels
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Pricing date: | June 23
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Settlement date: | June 28
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Agent: | Barclays
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Fees: | 1.95%
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Cusip: | 06745MH76
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