Published on 5/19/2022 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.08 million trigger autocallable contingent yield notes on two ETFs
By William Gullotti
Buffalo, N.Y., May 19 – Barclays Bank plc priced $1.08 million of trigger autocallable contingent yield notes due Oct. 23, 2024 linked to the lesser performing of the Technology Select Sector SPDR Fund and the iShares Russell 2000 ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.75% 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 both ETFs close at or above their initial levels on any quarterly observation date after six months.
The payout at maturity will be par plus the coupon unless either ETF finishes below its 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worst performing ETF from its initial level.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying ETFs: | Technology Select Sector SPDR Fund, iShares Russell 2000 ETF
|
| Amount: | $1,084,500
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| Maturity: | Oct. 23, 2024
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| Coupon: | 8.75% 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 both ETFs finish at or above 70% of initial level; otherwise, 1% loss for each 1% decline of the worst performer from initial level
|
| Call: | At par plus the coupon if both ETFs close at or above their initial levels on any quarterly observation date after six months
|
| Initial levels: | $157.23 for SPDR, $225.03 for iShares
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| Coupon barriers: | $110.06 for SPDR, $157.52 for iShares; 70% of initial levels
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| Downside thresholds: | $110.06 for SPDR, $157.52 for iShares; 70% of initial levels
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| Pricing date: | Oct. 18, 2021
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| Settlement date: | Oct. 21, 2021
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| Agents: | Barclays and UBS Financial Services Inc.
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| Fees: | None
|
| Cusip: | 06747Y845
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