Published on 7/27/2023 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.77 million callable contingent coupon notes tied to three SPDR ETFs
By William Gullotti
Buffalo, N.Y., July 27 – Barclays Bank plc priced $5.77 million of callable contingent coupon notes due July 16, 2026 linked to the worst performing of the SPDR S&P Regional Banking ETF, the Energy Select Sector SPDR Fund and the Real Estate 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 15.25% if each ETF closes at or above its coupon barrier level, 60% of its initial level, on the related observation date.
After three 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 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 is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying ETFs: | Energy Select Sector SPDR Fund, SPDR S&P Regional Banking ETF, Real Estate Select Sector SPDR Fund
|
| Amount: | $5,769,000
|
| Maturity: | July 16, 2026
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| Contingent coupon: | 15.25% 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 three months
|
| Initial levels: | $38.79 for Real Estate, $83.66 for Energy, $43.95 for Regional Banking
|
| Coupon barriers: | $23.27 for Real Estate, $50.20 for Energy, $26.37 for Regional Banking; 60% of initial levels
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| Final barrier levels: | $23.27 for Real Estate, $50.20 for Energy, $26.37 for Regional Banking; 60% of initial levels
|
| Strike date: | July 13
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| Pricing date: | July 21
|
| Settlement date: | July 26
|
| Agent: | Barclays
|
| Fees: | 1%
|
| Cusip: | 06745MTF5
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