By Wendy Van Sickle
Columbus, Ohio, July 14 – Barclays Bank plc priced $1.33 million of callable contingent coupon notes June 3, 2024 linked to the SPDR S&P 500 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annualized rate of 4.5% if the ETF closes at or above its coupon barrier level, 70% 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 call valuation date.
If the notes are not redeemed early, the payout will be par plus the final coupon unless the ETF finishes below 60% of its initial level, in which case investors will be fully exposed to the loss of the ETF, paid as 2.391 shares per note with fractional shares paid as cash.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
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| Issue: | Callable contingent coupon notes
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| Underlying ETF: | SPDR S&P 500 ETF
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| Amount: | $1.33 million
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| Maturity: | June 3, 2024
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| Contingent coupon: | 4.5% per year, payable quarterly if the ETF closes at or above coupon barrier on the valuation date for that period
|
| Price: | Par
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| Payout at maturity: | Par plus coupon unless the ETF finishes below its final barrier level, in which case investors will receive 2.391 shares per note and fractional shares as cash
|
| Call option: | In whole at par plus any coupon due on any quarterly call valuation date
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| Initial levels: | $418.24
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| Coupon barrier levels: | $292.77; 70% of initial levels
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| Final barrier levels: | $250.94; 60% of initial levels
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| Pricing date: | May 26
|
| Settlement date: | June 1
|
| Agent: | Barclays
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| Fees: | 1%
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| Cusip: | 06741WVH0
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