Published on 7/31/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $357,000 callable contingent coupon notes on three SPDR Select Sector ETFs
By William Gullotti
Buffalo, N.Y., July 31 – Barclays Bank plc priced $357,000 of callable contingent coupon notes due July 29, 2026 linked to the worst performing of the Consumer Staples Select Sector SPDR Fund, the Energy Select Sector SPDR Fund and the Utilities Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annualized rate of 11.35% if each ETF closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
After six months, the notes will be callable in whole at par plus any coupon due on any monthly call date.
If the notes are not redeemed early and each ETF finishes at or above its 60% final barrier level, the payout 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 is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Callable contingent coupon notes
|
Underlying ETFs: | Energy Select Sector SPDR Fund, Consumer Staples Select Sector SPDR Fund, Utilities Select Sector SPDR Fund
|
Amount: | $357,000
|
Maturity: | July 29, 2026
|
Contingent coupon: | 11.35% per year, payable monthly if each ETF closes at or above coupon barrier on the observation date for that period
|
Price: | Par
|
Payout at maturity: | Par plus final coupon if each ETF finishes at or above final barrier; otherwise, 1% loss for each 1% decline of worst performer from initial level
|
Call option: | In whole at par plus any coupon due on any monthly call date after six months
|
Initial levels: | $68.28 for Utilities, $85.66 for Energy, $75.92 for Consumer
|
Coupon barriers: | $40.97 for Utilities, $51.40 for Energy, $45.55 for Consumer; 60% of initial levels
|
Final barrier levels: | $40.97 for Utilities, $51.40 for Energy, $45.55 for Consumer; 60% of initial levels
|
Pricing date: | July 24
|
Settlement date: | July 27
|
Agent: | Barclays
|
Fees: | 0.7%
|
Cusip: | 06745MUF3
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.