By William Gullotti
Buffalo, N.Y., May 10 – Barclays Bank plc priced $3.1 million of trigger autocallable contingent yield notes due May 8, 2026 linked to the lesser performing of the SPDR Dow Jones Industrial Average ETF Trust and the SPDR S&P MidCap 400 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 10.35% if each ETF 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 each ETF closes at or above its initial level on any quarterly observation date after six months.
If each ETF finishes at or above its 70% downside threshold, the payout at maturity will be par plus the final coupon. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying ETFs: | SPDR Dow Jones Industrial Average ETF Trust, SPDR S&P MidCap 400 ETF Trust
|
| Amount: | $3,095,080
|
| Maturity: | May 8, 2026
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| Coupon: | 10.35% annual rate, payable quarterly if each ETF closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Payout at maturity: | Par plus the coupon if each ETF finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of the worst performer from initial level
|
| Call: | At par plus the coupon if each ETF closes at or above initial level on any quarterly observation date after six months
|
| Initial levels: | $449.50 for MidCap ETF, $336.73 for Dow ETF
|
| Coupon barriers: | $314.65 for MidCap ETF, $235.71 for Dow ETF; 70% of initial levels
|
| Downside thresholds: | $314.65 for MidCap ETF, $235.71 for Dow ETF; 70% of initial levels
|
| Pricing date: | May 5
|
| Settlement date: | May 10
|
| Agents: | Barclays and UBS Financial Services Inc.
|
| Fees: | None
|
| Cusip: | 06748G686
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