By Taylor Fox
New York, Dec. 17 – Barclays Bank plc priced $682,000 of callable contingent coupon notes due Dec. 11, 2025 linked to the worst performing of the SPDR S&P Biotech ETF, the Energy Select Sector SPDR fund and the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 10.25% if each fund closes at or above its coupon barrier level, 65% of its initial level, on the valuation date for that period.
The notes will be callable in whole at par plus any coupon due on any quarterly valuation date after one year.
If the notes are not redeemed, the payout will be par plus any final coupon unless any fund finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the least performing fund.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying funds: | SPDR S&P Biotech ETF, Energy Select Sector SPDR fund and the VanEck Vectors Gold Miners ETF
|
| Amount: | $682,000
|
| Maturity: | Dec. 11, 2025
|
| Contingent coupon: | 10.25% per year, payable quarterly if each fund closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
|
| Payout at maturity: | Par plus any coupon unless any asset finishes below its barrier level, in which case investors will be fully exposed to the loss of the least performing asset
|
| Call option: | In whole at par plus any coupon due on any quarterly valuation date after one year
|
| Initial levels: | $140.12 for S&P Biotech, $40.27 for Energy Select and $36.35 for Gold Miners
|
| Coupon barriers: | $91.08 for S&P Biotech, $26.18 for Energy Select and $23.63 for Gold Miners; 65% of initial levels
|
| Final barriers: | $84.07 for S&P Biotech, $24.16 for Energy Select and $21.81 for Gold Miners; 60% of initial levels
|
| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 11
|
| Agent: | Barclays
|
| Fees: | 4.125%
|
| Cusip: | 06741WML1
|
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