Published on 4/12/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $9.13 million trigger autocallable contingent yield notes on index, ETF
By William Gullotti
Buffalo, N.Y., April 12 – Barclays Bank plc priced $9.13 million of trigger autocallable contingent yield notes due April 9, 2026 linked to the lesser performing of the S&P 500 index 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 9.2% if each underlier closes at or above its coupon barrier, 75% of its initial level, on the observation date for that period.
The notes will be redeemed at par plus the coupon if each underlier closes at or above its initial level on any quarterly observation date after six months.
If each underlier finishes at or above its 75% 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
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying assets: | S&P 500 index, SPDR S&P MidCap 400 ETF Trust
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| Amount: | $9.13 million
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| Maturity: | April 9, 2026
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| Coupon: | 9.2% annual rate, payable quarterly if each underlier closes at or above coupon barrier on observation date
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| Price: | Par of $10
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| Payout at maturity: | Par plus the coupon if each underlier finishes at or above downside threshold; otherwise, 1% loss for each 1% decline of the worst performer from initial level
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| Call: | At par plus the coupon if each underlier closes at or above initial level on any quarterly observation date after six months
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| Initial levels: | $446.62 for ETF, 4,105.02 for S&P
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| Coupon barriers: | $334.97 for ETF, 3,078.77 for S&P; 75% of initial levels
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| Downside thresholds: | $334.97 for ETF, 3,078.77 for S&P; 75% of initial levels
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| Pricing date: | April 6
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| Settlement date: | April 12
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| Agents: | Barclays and UBS Financial Services Inc.
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| Fees: | 2%
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| Cusip: | 06748G108
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