By Kiku Steinfeld
Chicago, July 6 – Barclays Bank plc priced $5.3 million of trigger autocallable contingent yield notes due June 29, 2023 linked to the SPDR S&P MidCap 400 ETF Trust and the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.75% if each underlier closes at or above its coupon barrier, 70% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if both ETFs close above their initial levels on any quarterly observation date starting after six months.
The payout at maturity will be par plus the coupon, if any, unless either underlier finishes below the 60% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing underlier from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underliers: | SPDR S&P MidCap 400 ETF Trust and SPDR S&P 500 ETF Trust
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| Amount: | $5,300,000
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| Maturity: | June 29, 2023
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| Coupon: | 10.75%, payable quarterly if each underlier closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Call: | At par plus the coupon if both ETFs close above their initial levels on any quarterly observation date starting after six months
|
| Payout at maturity: | Par plus any coupon if each ETF finishes above 60% of initial level; otherwise, 1% loss for each 1% decline of the worse performing underlier from initial level
|
| Initial levels: | $312.88 for MidCap, $300.05 for S&P
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| Coupon barriers: | $219.02 for MidCap, $210.04 for S&P, 70% of initial levels
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| Downside thresholds: | $187.73 for MidCap, $180.03 for S&P, 60% of initial levels
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| Pricing date: | June 29
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| Settlement date: | June 30
|
| Agents: | Barclays and UBS Financial Services Inc.
|
| Fees: | 2%
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| Cusip: | 06747J723
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