Published on 6/30/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.75 million callable contingent coupon notes on index, ETF
By Wendy Van Sickle
Columbus, Ohio, June 30 – Barclays Bank plc priced $7.75 million of callable contingent coupon notes due June 26, 2026 linked to the performance of the S&P 500 index and the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent semiannual coupon at an annualized rate of 12% if each underlier closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
The notes will be callable in whole at par plus any coupon due on any semiannual call date.
If the notes are not redeemed early and each underlier finishes at or above its 60% final barrier level, the payout at maturity will be par plus any final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying assets: | S&P 500 index, SPDR S&P Biotech ETF
|
| Amount: | $7,748,000
|
| Maturity: | June 26, 2026
|
| Contingent coupon: | 12% per year, payable semiannually if each underlier closes at or above coupon barrier on the observation date for that period
|
| Price: | Par
|
| Payout at maturity: | If the final level of each underlier is greater than or equal to its final barrier, par plus any final coupon; otherwise, lose 1% for every 1% decline of the worst performer from its initial level
|
| Call option: | In whole at par plus any coupon due on any semiannual call dates
|
| Initial levels: | 4,348.33 for S&P, $85.12 for SPDR S&P Biotech
|
| Coupon barriers: | 2,609.0 for S&P, $51.07 for SPDR S&P Biotech; 60% of initial levels
|
| Final barrier levels: | 2,609.0 for S&P, $51.07 for SPDR S&P Biotech; 60% of initial levels
|
| Pricing date: | June 23
|
| Settlement date: | June 28
|
| Agent: | Barclays
|
| Fees: | 0.45%
|
| Cusip: | 06745MH84
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