Published on 1/5/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.06 million contingent market-linked autocalls on three SPDR ETFs
By William Gullotti
Buffalo, N.Y., Jan. 5 – Barclays Bank plc priced $5.06 million of market-linked securities due Dec. 30, 2026 – autocallable with contingent coupon and contingent downside linked to the performance of the Energy Select Sector SPDR Fund, the Technology Select Sector SPDR Fund and the Health Care Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.5% if each ETF closes at or above its 70% threshold level on the relevant observation date for that period.
The notes will be called at par plus coupon if each ETF closes at or above its initial level on any quarterly observation date after six months.
At maturity, the payout will be par plus the final coupon unless any ETF finishes below its threshold level, in which case the payout will be par plus the return of the worst performing ETF with full exposure to any losses.
Wells Fargo Securities, LLC and Barclays Capital Inc. are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Market linked securities – autocallable with contingent coupon and contingent downside
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| Underlying funds: | Energy Select Sector SPDR Fund, Technology Select Sector SPDR Fund, Health Care Select Sector SPDR Fund
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| Amount: | $5,059,000
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| Maturity: | Dec. 30, 2026
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| Coupon: | 11.5% annualized, payable quarterly if each ETF closes at or above threshold level on observation date for that period
|
| Price: | Par
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| Payout at maturity: | Par unless any ETF finishes below threshold level, in which case 1% loss per 1% decline of the worst performing ETF from its initial level
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| Call: | At par plus coupon if each ETF closes at or above its initial level on any interest payment date after six months
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| Initial levels: | $84.03 for Energy, $193.07 for Technology, $136.24 for Health Care
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| Threshold levels: | $58.821 for Energy, $135.149 for Technology, $95.368 for Health Care; 70% of initial levels
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| Pricing date: | Dec. 28
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| Settlement date: | Jan. 3
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| Agents: | Wells Fargo Securities, LLC and Barclays Capital Inc.
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| Fees: | 2.325%
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| Cusip: | 06745P2S9
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