Published on 2/24/2024 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $777,000 buffered autocallable contingent coupon notes on index, ETF
By Kiku Steinfeld
Chicago, Feb. 26 – Barclays Bank plc priced $777,000 of buffered autocallable contingent coupon notes due July 2, 2025 linked to the least performing of the VanEck Gold Miners ETF and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of at a 10% annualized rate if each underlier closes at or above its 80% coupon barrier value on the related observation date.
The notes will be callable at par plus coupon if the each underlier closes at or above 95% of its initial level on any monthly observation date after six months.
The payout at maturity will be par plus the final coupon if each underlier finishes at or above 85% of its initial level.
Otherwise, investors will lose 1% for each 1% decline of the worst performer beyond 15%.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Buffered autocallable contingent coupon notes
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Underlying assets: | VanEck Gold Miners ETF, S&P 500 index
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Amount: | $777,000
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Maturity: | July 2, 2025
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Contingent coupon: | 10% annual rate, payable monthly if each underlier closes at or above coupon barrier level on related observation date
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Price: | Par
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Payout at maturity: | Par plus final coupon unless an underlier finishes below buffer level, in which case 1% loss for each 1% decline of the worst performer beyond the buffer
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Call: | At par plus coupon if each underlier closes at or above 95% of its initial level on any monthly observation date after six months
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Initial levels: | $29.65 for ETF, 4,378.41 for S&P
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Coupon barrier levels: | $23.72 for ETF, 3,502.73 for S&P; 80% of initial levels
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Buffer levels: | $25.20 for ETF, 3,721.65 for S&P; 85% of initial levels
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Pricing date: | June 27, 2023
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Settlement date: | June 30, 2023
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Agent: | Barclays
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Fees: | 2.75%
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Cusip: | 06745MHU5
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