[FWP] iPath Series B S&P 500 VIX Mid-Term Futures ETN Free Writing Prospectus
Barclays Bank PLC is offering unsecured, unsubordinated Market Linked Notes tied to the performance of the EURO STOXX 50® Index (SX5E). The notes price on 30 July 2025, are issued on 4 August 2025, and mature on 3 August 2028.
Key economics: Each USD 1,000 note will repay principal at maturity and provide 100% upside participation in the Index, capped at a minimum 28.0% ($280); the exact cap is set on the pricing date. If the Index ends at or below the starting level, holders receive only the USD 1,000 principal—no upside and no periodic coupons. The issuer’s estimated value on the pricing date is expected to range between USD 900 and USD 952.50, below the offering price, reflecting structuring and selling costs, including up to 3.825% in agent discounts and concessions.
Risk highlights: Investors are exposed to Barclays’ credit risk and any exercise of the U.K. Bail-in Power. The notes pay no interest, are subject to a performance cap, will not be listed on any exchange, and may have limited or no secondary liquidity. Taxable income may accrue annually before payment. The investment view assumes the Index appreciates, but performance could under-whelm a direct investment in the underlying securities.
Documentation: The term sheet should be read together with the Prospectus (15 May 2025), Prospectus Supplement (15 May 2025), Product Supplement WF-2 (20 May 2025), Underlying Supplement (15 May 2025) and the Preliminary Pricing Supplement dated 27 June 2025.
Barclays Bank PLC offre Note di Mercato Collegate non garantite e non subordinate, legate alla performance dell'Indice EURO STOXX 50® (SX5E). Le note saranno quotate il 30 luglio 2025, emesse il 4 agosto 2025 e scadranno il 3 agosto 2028.
Principali caratteristiche economiche: Ogni nota da 1.000 USD rimborsa il capitale a scadenza e offre una partecipazione al rialzo del 100% sull’Indice, con un limite minimo del 28,0% (280 USD); il limite esatto sarà definito alla data di quotazione. Se l’Indice termina al di sotto o al livello iniziale, i detentori riceveranno solo il capitale di 1.000 USD, senza alcun guadagno né cedole periodiche. Il valore stimato dall’emittente alla data di quotazione è previsto tra 900 USD e 952,50 USD, inferiore al prezzo di offerta, a causa dei costi di strutturazione e vendita, inclusi sconti e commissioni agenti fino al 3,825%.
Rischi principali: Gli investitori sono esposti al rischio di credito di Barclays e a qualsiasi esercizio del Potere di Bail-in del Regno Unito. Le note non pagano interessi, sono soggette a un tetto di rendimento, non saranno quotate in nessun mercato regolamentato e potrebbero avere liquidità secondaria limitata o assente. Il reddito imponibile potrebbe accumularsi annualmente prima del pagamento. L’investimento presuppone un apprezzamento dell’Indice, ma la performance potrebbe risultare inferiore rispetto a un investimento diretto nei titoli sottostanti.
Documentazione: Il term sheet deve essere letto insieme al Prospetto (15 maggio 2025), Supplemento al Prospetto (15 maggio 2025), Supplemento al Prodotto WF-2 (20 maggio 2025), Supplemento Sottostante (15 maggio 2025) e al Supplemento Preliminare di Prezzo datato 27 giugno 2025.
Barclays Bank PLC ofrece Notas Vinculadas al Mercado no garantizadas y no subordinadas, vinculadas al rendimiento del Índice EURO STOXX 50® (SX5E). Las notas se cotizan el 30 de julio de 2025, se emiten el 4 de agosto de 2025 y vencen el 3 de agosto de 2028.
Aspectos económicos clave: Cada nota de 1.000 USD reembolsará el principal al vencimiento y proporcionará una participación al alza del 100% en el índice, con un techo mínimo del 28,0% (280 USD); el techo exacto se establecerá en la fecha de cotización. Si el índice termina en o por debajo del nivel inicial, los tenedores recibirán solo el principal de 1.000 USD, sin ganancias ni cupones periódicos. El valor estimado por el emisor en la fecha de cotización se espera que oscile entre 900 USD y 952,50 USD, por debajo del precio de oferta, reflejando los costos de estructuración y venta, incluidos descuentos y concesiones de agentes de hasta el 3,825%.
Aspectos de riesgo: Los inversores están expuestos al riesgo crediticio de Barclays y a cualquier ejercicio del Poder de Bail-in del Reino Unido. Las notas no pagan intereses, están sujetas a un límite de rendimiento, no cotizarán en ninguna bolsa y pueden tener liquidez secundaria limitada o nula. Los ingresos imponibles pueden acumularse anualmente antes del pago. La perspectiva de inversión asume que el índice se apreciará, pero el rendimiento podría ser inferior al de una inversión directa en los valores subyacentes.
Documentación: La hoja de términos debe leerse junto con el Prospecto (15 de mayo de 2025), Suplemento al Prospecto (15 de mayo de 2025), Suplemento de Producto WF-2 (20 de mayo de 2025), Suplemento Subyacente (15 de mayo de 2025) y el Suplemento Preliminar de Precio fechado el 27 de junio de 2025.
Barclays Bank PLC는 EURO STOXX 50® 지수(SX5E)의 성과에 연동된 무담보, 비후순위 시장 연계 노트를 제공합니다. 노트는 2025년 7월 30일에 가격이 책정되고, 2025년 8월 4일에 발행되며, 2028년 8월 3일에 만기됩니다.
주요 경제 조건: 1,000달러 노트당 만기 시 원금을 상환하며, 지수 상승에 대해 100% 참여하되, 최소 28.0% (280달러) 상한이 적용됩니다; 정확한 상한은 가격 책정일에 결정됩니다. 지수가 시작 수준 이하로 종료되면 투자자는 원금 1,000달러만 받으며, 상승 이익이나 정기 쿠폰은 없습니다. 가격 책정일에 발행자의 추정 가치는 900달러에서 952.50달러 사이로, 구조화 및 판매 비용(최대 3.825%의 대리인 할인 및 수수료 포함) 때문에 제시 가격보다 낮습니다.
위험 요약: 투자자는 Barclays의 신용 위험과 영국 구제금융 권한(Bail-in Power) 행사에 노출됩니다. 노트는 이자를 지급하지 않으며, 성과 상한이 적용되고, 어떤 거래소에도 상장되지 않으며, 2차 유동성이 제한적이거나 없을 수 있습니다. 과세 소득은 지급 전에 매년 발생할 수 있습니다. 투자 관점은 지수 상승을 전제로 하지만, 기초 증권에 직접 투자하는 것보다 성과가 저조할 수 있습니다.
서류: 약관 시트는 2025년 5월 15일자 설명서, 2025년 5월 15일자 설명서 보충자료, 2025년 5월 20일자 WF-2 제품 보충자료, 2025년 5월 15일자 기초 자산 보충자료, 2025년 6월 27일자 예비 가격 보충자료와 함께 읽어야 합니다.
Barclays Bank PLC propose des Notes liées au marché, non garanties et non subordonnées, liées à la performance de l'Indice EURO STOXX 50® (SX5E). Les notes seront cotées le 30 juillet 2025, émises le 4 août 2025 et arriveront à échéance le 3 août 2028.
Principaux éléments économiques : Chaque note de 1 000 USD remboursera le principal à l’échéance et offrira une participation à 100 % à la hausse de l’Indice, plafonnée à un minimum de 28,0 % (280 USD) ; le plafond exact sera fixé à la date de tarification. Si l’Indice termine au niveau de départ ou en dessous, les détenteurs ne recevront que le principal de 1 000 USD – sans gain à la hausse ni coupons périodiques. La valeur estimée par l’émetteur à la date de tarification est attendue entre 900 USD et 952,50 USD, inférieure au prix d’offre, reflétant les coûts de structuration et de distribution, y compris jusqu’à 3,825 % de remises et concessions aux agents.
Points de risque : Les investisseurs sont exposés au risque de crédit de Barclays et à toute mise en œuvre du pouvoir de renflouement interne du Royaume-Uni (Bail-in). Les notes ne versent pas d’intérêts, sont soumises à un plafond de performance, ne seront cotées sur aucune bourse et peuvent présenter une liquidité secondaire limitée ou inexistante. Un revenu imposable peut s’accumuler annuellement avant paiement. L’investissement suppose une appréciation de l’Indice, mais la performance pourrait être inférieure à un investissement direct dans les titres sous-jacents.
Documentation : La fiche descriptive doit être lue conjointement avec le Prospectus (15 mai 2025), le Supplément au Prospectus (15 mai 2025), le Supplément Produit WF-2 (20 mai 2025), le Supplément Sous-jacent (15 mai 2025) et le Supplément Préliminaire de Tarification daté du 27 juin 2025.
Barclays Bank PLC bietet unbesicherte, nicht nachrangige Market Linked Notes an, die an die Performance des EURO STOXX 50® Index (SX5E) gekoppelt sind. Die Notes werden am 30. Juli 2025 bepreist, am 4. August 2025 ausgegeben und laufen am 3. August 2028 aus.
Wesentliche wirtschaftliche Merkmale: Jede Note im Wert von 1.000 USD zahlt bei Fälligkeit den Nennwert zurück und bietet eine 100%ige Partizipation an der Indexsteigerung, begrenzt auf mindestens 28,0 % (280 USD); die genaue Obergrenze wird am Preisfeststellungstag festgelegt. Wenn der Index auf oder unter dem Startniveau schließt, erhalten die Inhaber nur den Nennwert von 1.000 USD – keine Gewinnbeteiligung und keine periodischen Kupons. Der vom Emittenten geschätzte Wert am Preisfeststellungstag wird voraussichtlich zwischen 900 USD und 952,50 USD liegen, unter dem Angebotspreis, was die Strukturierungs- und Vertriebskosten einschließlich Agentenrabatten und -zugeständnissen von bis zu 3,825 % widerspiegelt.
Risikohinweise: Investoren sind dem Kreditrisiko von Barclays und einer möglichen Ausübung der UK Bail-in Power ausgesetzt. Die Notes zahlen keine Zinsen, unterliegen einer Performance-Obergrenze, werden an keiner Börse notiert und können eine eingeschränkte oder keine Sekundärliquidität aufweisen. Steuerpflichtige Erträge können jährlich vor der Auszahlung anfallen. Die Anlageannahme basiert auf einer Wertsteigerung des Index, die Performance könnte jedoch hinter einer direkten Investition in die zugrunde liegenden Wertpapiere zurückbleiben.
Dokumentation: Das Term Sheet ist zusammen mit dem Prospekt (15. Mai 2025), dem Prospektergänzungsblatt (15. Mai 2025), dem Produktergänzungsblatt WF-2 (20. Mai 2025), dem Basiswert-Ergänzungsblatt (15. Mai 2025) und dem vorläufigen Preiszusatz vom 27. Juni 2025 zu lesen.
- Full principal repayment at maturity regardless of Index performance, mitigating downside market risk.
- 100% upside participation in EURO STOXX 50® gains up to a minimum 28% cap provides equity exposure with controlled risk.
- No periodic interest and upside is strictly capped, potentially underperforming a direct equity investment.
- Issuer credit and U.K. bail-in risk could lead to loss of principal despite market performance.
- Estimated value (USD 900–952.50) is below the USD 1,000 offering price, indicating an immediate valuation discount.
- Limited secondary market; notes are not exchange-listed, creating liquidity and pricing uncertainty.
- Taxable income recognition before maturity may generate phantom income for investors.
Insights
TL;DR Principal is protected but upside is capped; credit and liquidity risks remain significant.
The notes suit investors seeking modest equity exposure with capital preservation through 2028. Investors gain 1:1 participation in EURO STOXX 50® gains up to ~28%, comparable to a call spread overlay. Cost drag is evident: the issuer’s fair value (90-95% of par) shows an immediate mark-to-market discount driven by embedded dealer margin and hedging costs. Absence of periodic coupons increases negative carry for income-focused buyers. Liquidity will rely on Barclays’ own bid; spreads could widen in stress. Bail-in language reinforces senior unsecured status and potential principal write-down in resolution. Relative to zero-coupon Euro-area equities or structured deposits, the trade-off is a modest upside cap for full principal protection.
TL;DR Creditworthiness and U.K. bail-in powers are the dominant downside factors.
Because the notes are senior unsecured, repayment hinges on Barclays Bank PLC’s solvency through 2028. Although Barclays is investment-grade today, the U.K. Banking Act grants regulators authority to impose losses on noteholders via bail-in, potentially before traditional default. The term sheet stresses this scenario, a material risk absent in insured deposits. Estimated value well below par further underscores transfer of economic value to the issuer at inception. Investors unable to quantify Barclays’ forward credit profile should regard this as a meaningful negative.
Barclays Bank PLC offre Note di Mercato Collegate non garantite e non subordinate, legate alla performance dell'Indice EURO STOXX 50® (SX5E). Le note saranno quotate il 30 luglio 2025, emesse il 4 agosto 2025 e scadranno il 3 agosto 2028.
Principali caratteristiche economiche: Ogni nota da 1.000 USD rimborsa il capitale a scadenza e offre una partecipazione al rialzo del 100% sull’Indice, con un limite minimo del 28,0% (280 USD); il limite esatto sarà definito alla data di quotazione. Se l’Indice termina al di sotto o al livello iniziale, i detentori riceveranno solo il capitale di 1.000 USD, senza alcun guadagno né cedole periodiche. Il valore stimato dall’emittente alla data di quotazione è previsto tra 900 USD e 952,50 USD, inferiore al prezzo di offerta, a causa dei costi di strutturazione e vendita, inclusi sconti e commissioni agenti fino al 3,825%.
Rischi principali: Gli investitori sono esposti al rischio di credito di Barclays e a qualsiasi esercizio del Potere di Bail-in del Regno Unito. Le note non pagano interessi, sono soggette a un tetto di rendimento, non saranno quotate in nessun mercato regolamentato e potrebbero avere liquidità secondaria limitata o assente. Il reddito imponibile potrebbe accumularsi annualmente prima del pagamento. L’investimento presuppone un apprezzamento dell’Indice, ma la performance potrebbe risultare inferiore rispetto a un investimento diretto nei titoli sottostanti.
Documentazione: Il term sheet deve essere letto insieme al Prospetto (15 maggio 2025), Supplemento al Prospetto (15 maggio 2025), Supplemento al Prodotto WF-2 (20 maggio 2025), Supplemento Sottostante (15 maggio 2025) e al Supplemento Preliminare di Prezzo datato 27 giugno 2025.
Barclays Bank PLC ofrece Notas Vinculadas al Mercado no garantizadas y no subordinadas, vinculadas al rendimiento del Índice EURO STOXX 50® (SX5E). Las notas se cotizan el 30 de julio de 2025, se emiten el 4 de agosto de 2025 y vencen el 3 de agosto de 2028.
Aspectos económicos clave: Cada nota de 1.000 USD reembolsará el principal al vencimiento y proporcionará una participación al alza del 100% en el índice, con un techo mínimo del 28,0% (280 USD); el techo exacto se establecerá en la fecha de cotización. Si el índice termina en o por debajo del nivel inicial, los tenedores recibirán solo el principal de 1.000 USD, sin ganancias ni cupones periódicos. El valor estimado por el emisor en la fecha de cotización se espera que oscile entre 900 USD y 952,50 USD, por debajo del precio de oferta, reflejando los costos de estructuración y venta, incluidos descuentos y concesiones de agentes de hasta el 3,825%.
Aspectos de riesgo: Los inversores están expuestos al riesgo crediticio de Barclays y a cualquier ejercicio del Poder de Bail-in del Reino Unido. Las notas no pagan intereses, están sujetas a un límite de rendimiento, no cotizarán en ninguna bolsa y pueden tener liquidez secundaria limitada o nula. Los ingresos imponibles pueden acumularse anualmente antes del pago. La perspectiva de inversión asume que el índice se apreciará, pero el rendimiento podría ser inferior al de una inversión directa en los valores subyacentes.
Documentación: La hoja de términos debe leerse junto con el Prospecto (15 de mayo de 2025), Suplemento al Prospecto (15 de mayo de 2025), Suplemento de Producto WF-2 (20 de mayo de 2025), Suplemento Subyacente (15 de mayo de 2025) y el Suplemento Preliminar de Precio fechado el 27 de junio de 2025.
Barclays Bank PLC는 EURO STOXX 50® 지수(SX5E)의 성과에 연동된 무담보, 비후순위 시장 연계 노트를 제공합니다. 노트는 2025년 7월 30일에 가격이 책정되고, 2025년 8월 4일에 발행되며, 2028년 8월 3일에 만기됩니다.
주요 경제 조건: 1,000달러 노트당 만기 시 원금을 상환하며, 지수 상승에 대해 100% 참여하되, 최소 28.0% (280달러) 상한이 적용됩니다; 정확한 상한은 가격 책정일에 결정됩니다. 지수가 시작 수준 이하로 종료되면 투자자는 원금 1,000달러만 받으며, 상승 이익이나 정기 쿠폰은 없습니다. 가격 책정일에 발행자의 추정 가치는 900달러에서 952.50달러 사이로, 구조화 및 판매 비용(최대 3.825%의 대리인 할인 및 수수료 포함) 때문에 제시 가격보다 낮습니다.
위험 요약: 투자자는 Barclays의 신용 위험과 영국 구제금융 권한(Bail-in Power) 행사에 노출됩니다. 노트는 이자를 지급하지 않으며, 성과 상한이 적용되고, 어떤 거래소에도 상장되지 않으며, 2차 유동성이 제한적이거나 없을 수 있습니다. 과세 소득은 지급 전에 매년 발생할 수 있습니다. 투자 관점은 지수 상승을 전제로 하지만, 기초 증권에 직접 투자하는 것보다 성과가 저조할 수 있습니다.
서류: 약관 시트는 2025년 5월 15일자 설명서, 2025년 5월 15일자 설명서 보충자료, 2025년 5월 20일자 WF-2 제품 보충자료, 2025년 5월 15일자 기초 자산 보충자료, 2025년 6월 27일자 예비 가격 보충자료와 함께 읽어야 합니다.
Barclays Bank PLC propose des Notes liées au marché, non garanties et non subordonnées, liées à la performance de l'Indice EURO STOXX 50® (SX5E). Les notes seront cotées le 30 juillet 2025, émises le 4 août 2025 et arriveront à échéance le 3 août 2028.
Principaux éléments économiques : Chaque note de 1 000 USD remboursera le principal à l’échéance et offrira une participation à 100 % à la hausse de l’Indice, plafonnée à un minimum de 28,0 % (280 USD) ; le plafond exact sera fixé à la date de tarification. Si l’Indice termine au niveau de départ ou en dessous, les détenteurs ne recevront que le principal de 1 000 USD – sans gain à la hausse ni coupons périodiques. La valeur estimée par l’émetteur à la date de tarification est attendue entre 900 USD et 952,50 USD, inférieure au prix d’offre, reflétant les coûts de structuration et de distribution, y compris jusqu’à 3,825 % de remises et concessions aux agents.
Points de risque : Les investisseurs sont exposés au risque de crédit de Barclays et à toute mise en œuvre du pouvoir de renflouement interne du Royaume-Uni (Bail-in). Les notes ne versent pas d’intérêts, sont soumises à un plafond de performance, ne seront cotées sur aucune bourse et peuvent présenter une liquidité secondaire limitée ou inexistante. Un revenu imposable peut s’accumuler annuellement avant paiement. L’investissement suppose une appréciation de l’Indice, mais la performance pourrait être inférieure à un investissement direct dans les titres sous-jacents.
Documentation : La fiche descriptive doit être lue conjointement avec le Prospectus (15 mai 2025), le Supplément au Prospectus (15 mai 2025), le Supplément Produit WF-2 (20 mai 2025), le Supplément Sous-jacent (15 mai 2025) et le Supplément Préliminaire de Tarification daté du 27 juin 2025.
Barclays Bank PLC bietet unbesicherte, nicht nachrangige Market Linked Notes an, die an die Performance des EURO STOXX 50® Index (SX5E) gekoppelt sind. Die Notes werden am 30. Juli 2025 bepreist, am 4. August 2025 ausgegeben und laufen am 3. August 2028 aus.
Wesentliche wirtschaftliche Merkmale: Jede Note im Wert von 1.000 USD zahlt bei Fälligkeit den Nennwert zurück und bietet eine 100%ige Partizipation an der Indexsteigerung, begrenzt auf mindestens 28,0 % (280 USD); die genaue Obergrenze wird am Preisfeststellungstag festgelegt. Wenn der Index auf oder unter dem Startniveau schließt, erhalten die Inhaber nur den Nennwert von 1.000 USD – keine Gewinnbeteiligung und keine periodischen Kupons. Der vom Emittenten geschätzte Wert am Preisfeststellungstag wird voraussichtlich zwischen 900 USD und 952,50 USD liegen, unter dem Angebotspreis, was die Strukturierungs- und Vertriebskosten einschließlich Agentenrabatten und -zugeständnissen von bis zu 3,825 % widerspiegelt.
Risikohinweise: Investoren sind dem Kreditrisiko von Barclays und einer möglichen Ausübung der UK Bail-in Power ausgesetzt. Die Notes zahlen keine Zinsen, unterliegen einer Performance-Obergrenze, werden an keiner Börse notiert und können eine eingeschränkte oder keine Sekundärliquidität aufweisen. Steuerpflichtige Erträge können jährlich vor der Auszahlung anfallen. Die Anlageannahme basiert auf einer Wertsteigerung des Index, die Performance könnte jedoch hinter einer direkten Investition in die zugrunde liegenden Wertpapiere zurückbleiben.
Dokumentation: Das Term Sheet ist zusammen mit dem Prospekt (15. Mai 2025), dem Prospektergänzungsblatt (15. Mai 2025), dem Produktergänzungsblatt WF-2 (20. Mai 2025), dem Basiswert-Ergänzungsblatt (15. Mai 2025) und dem vorläufigen Preiszusatz vom 27. Juni 2025 zu lesen.
Barclays Bank PLC has filed a registration statement (including a prospectus) with the U.S. Securities and Exchange Commission (“SEC”) for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus dated May 15, 2025 and the prospectus supplement dated May 15, 2025 and other documents Barclays Bank PLC has filed with the SEC for more complete information about Barclays Bank PLC and this offering. You may get these documents and other documents Barclays Bank PLC has filed for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, Barclays Bank PLC or any agent or dealer participating in this offering will arrange to send you each of these documents if you request them by calling your Barclays Bank PLC sales representative, such dealer or toll-free 1-888-227-2275 (Extension 2-3430). A copy of each of these documents may be obtained from Barclays Capital Inc., 745 Seventh Avenue—Attn: US InvSol Support, New York, NY 10019.
| Free writing prospectus dated June 26, 2025 (to the Prospectus dated May 15, 2025 and the Prospectus Supplement dated May 15, 2025) |
Filed Pursuant to Rule 433 Registration Statement No. 333-287303 |
Barclays Bank PLC – Contingent Income Auto-Callable Securities due July 9, 2026 Based on the Performance of the Common Stock of Netflix, Inc.
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying pricing supplement, the prospectus and prospectus supplement, as well as the “Risk Factors” on the following page, prior to making an investment decision.
| Summary Terms |
| Issuer: | Barclays Bank PLC |
| Underlier: | Netflix, Inc. common stock (Bloomberg ticker symbol “NFLX UW<Equity>”) |
| Pricing date: | July 3, 2025 |
| Original issue date: | July 9, 2025 |
| Maturity date: | July 9, 2026 |
| Automatic early redemption: | If, on any determination date (other than the final determination date), the closing price of the underlier is greater than or equal to the initial underlier value, the securities will be automatically redeemed for an early redemption payment on the contingent payment date immediately following that determination date. |
| Early redemption payment: | An amount per security equal to (i) the stated principal amount plus (ii) the contingent quarterly payment otherwise due |
| Contingent quarterly payment: |
· If, on any determination date, the closing price of the underlier is greater than or equal to the downside threshold level, we will pay a contingent quarterly payment of at least $25.00 (at least 2.50% of the stated principal amount) per security on the related contingent payment date. · If, on any determination date, the closing price of the underlier is less than the downside threshold level, no contingent quarterly payment will be made with respect to that determination date. |
| Payment at maturity: |
If the securities are not redeemed prior to maturity, you will receive on the maturity date a cash payment per security determined as follows: · If the final underlier value is greater than or equal to the downside threshold level: (i) stated principal amount plus (ii) the contingent quarterly payment otherwise due · If the final underlier value is less than the downside threshold level: stated principal amount × underlier performance factor Under these circumstances, the payment at maturity will be less than the stated principal amount of $1,000 and will represent a loss of more than 40%, and possibly all, of an investor’s initial investment. Investors may lose their entire initial investment in the securities. |
| Downside threshold level: | 60% of the initial underlier value (rounded to three decimal places) |
| Initial underlier value: | The closing price of the underlier on the pricing date |
| Final underlier value: | The closing price of the underlier on the final determination date |
| Underlier performance factor: | final underlier value/initial underlier value |
| Determination dates: | Quarterly, as specified in the accompanying pricing supplement |
| Contingent payment dates: | Quarterly, as specified in the accompanying pricing supplement |
| CUSIP/ISIN: | 06746CDU0 / US06746CDU09 |
| Additional terms: | Terms used in this document, but not defined herein, will have the meanings ascribed to them in the accompanying pricing supplement. |
| Pricing supplement: | http://www.sec.gov/Archives/edgar/data/312070/000095010325007974/dp230683_424b2-7476ms.htm |
| Payment on the securities is not guaranteed by any third party and is subject to the creditworthiness of Barclays Bank PLC and the risk of exercise of any U.K. Bail-in Power by the relevant U.K. resolution authority. | |
| Hypothetical Payment at Maturity* | ||
| Change in the Underlier | Payment at Maturity | Total Return on Securities |
| 50.00% | $1,000.00 | 0.00% |
| 40.00% | $1,000.00 | 0.00% |
| 30.00% | $1,000.00 | 0.00% |
| 20.00% | $1,000.00 | 0.00% |
| 10.00% | $1,000.00 | 0.00% |
| 0.00% | $1,000.00 | 0.00% |
| -5.00% | $1,000.00 | 0.00% |
| -10.00% | $1,000.00 | 0.00% |
| -20.00% | $1,000.00 | 0.00% |
| -30.00% | $1,000.00 | 0.00% |
| -40.00% | $1,000.00 | 0.00% |
| -40.01% | $599.90 | -40.01% |
| -50.00% | $500.00 | -50.00% |
| -60.00% | $400.00 | -60.00% |
| -70.00% | $300.00 | -70.00% |
| -80.00% | $200.00 | -80.00% |
| -90.00% | $100.00 | -90.00% |
| -100.00% | $0.00 | -100.00% |
| *The table above assumes the securities are not automatically redeemed prior to maturity and excludes any contingent quarterly payment otherwise due. | ||
Our estimated value of the securities on the pricing date, based on our internal pricing models, is expected to be between $928.80 and $978.80 per security. The estimated value is expected to be less than the initial issue price of the securities. See “Additional Information Regarding Our Estimated Value of the Securities” in the accompanying pricing supplement.
|
U.K. Bail-in Power Acknowledgment:
Notwithstanding and to the exclusion of any other term of the securities or any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the securities (or the trustee on behalf of the holders of the securities), by acquiring the securities, each holder or beneficial owner of the securities acknowledges, accepts, agrees to be bound by and consents to the exercise of, any U.K. Bail-in Power by the relevant U.K. resolution authority.
The Underlier
For more information about the underlier, including historical performance information, see the accompanying pricing supplement.
Risk Factors
An investment in the securities involves significant risks. We urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the securities. Some of the risks that apply to an investment in the securities are summarized below, but we urge you to read the more detailed explanation of risks relating to the securities generally in the “Risk Factors” sections in the accompanying pricing supplement and the prospectus supplement. You should not purchase the securities unless you understand and can bear the risks of investing in the securities.
Risks Relating to the Securities Generally
| · | The securities do not guarantee the return of any principal. |
| · | You will not receive any contingent quarterly payment for any quarterly period where the closing price of the underlier on the applicable determination date is less than the downside threshold level. |
| · | You will not participate in any appreciation in the value of the underlier. |
| · | The securities are subject to early redemption risk. |
| · | Any payment on the securities will be determined based on the closing prices of the underlier on the dates specified. |
| · | Contingent repayment of principal applies only at maturity or upon any automatic early redemption. |
| · | The securities are subject to volatility risk. |
| · | Investing in the securities is not equivalent to investing in the underlier. |
| · | Significant aspects of the tax treatment of the securities are uncertain. |
Risks Relating to the Issuer
| · | Any payments on the securities are subject to issuer credit risk. |
| · | You may lose some or all of your investment if any U.K. Bail-in Power is exercised by the relevant U.K. resolution authority. |
Risks Relating to the Underlier
| · | The issuer of the underlier is not an affiliate of ours, is not involved with this offering in any way, and has no obligation to consider your interests in taking any corporate actions that might affect the value of the securities. |
| · | The price of the underlier can rise or fall sharply due to factors specific to the underlier and its issuer. |
| · | Anti-dilution protection is limited, and the calculation agent has discretion to make anti-dilution adjustments. |
| · | Reorganization or other events could adversely affect the value of the securities or result in the securities being accelerated. |
| · | Governmental legislative or regulatory actions, such as sanctions, could adversely affect your investment in the securities. |
| · | We may accelerate the securities if a change-in-law event occurs. |
Risks Relating to Conflicts of Interest
| · | We may engage in business with or involving the issuer of the underlier without regard to your interests. |
| · | Hedging and trading activity by the issuer and its affiliates could potentially adversely affect the value of the securities. |
| · | We and our affiliates, and any dealer participating in the distribution of the securities, may engage in various activities or make determinations that could materially affect your securities in various ways and create conflicts of interest. |
Risks Relating to the Estimated Value of the Securities and the Secondary Market
| · | The securities will not be listed on any securities exchange, and secondary trading may be limited. |
| · | The market price of the securities will be influenced by many unpredictable factors. |
| · | The estimated value of your securities is expected to be lower than the initial issue price of your securities. |
| · | The estimated value of your securities might be lower if such estimated value were based on the levels at which our debt securities trade in the secondary market. |
| · | The estimated value of the securities is based on our internal pricing models, which may prove to be inaccurate and may be different from the pricing models of other financial institutions. |
| · | The estimated value of your securities is not a prediction of the prices at which you may sell your securities in the secondary market, if any, and such secondary market prices, if any, will likely be lower than the initial issue price of your securities and may be lower than the estimated value of your securities. |
| · | The temporary price at which we may initially buy the securities in the secondary market and the value we may initially use for customer account statements, if we provide any customer account statements at all, may not be indicative of future prices of your securities. |
Tax Considerations
You should review carefully the section entitled “Additional Information about the Securities—Tax considerations” in the accompanying pricing supplement.
In the event that any of the terms set forth or defined in this document conflict with the terms or defined terms set forth in the accompanying pricing supplement, the terms or defined terms set forth in the accompanying pricing supplement will control.
FAQ
What is the maximum possible return on the Barclays notes?
Do the notes protect my principal investment?
Will I receive periodic interest from these notes?
How does Barclays’ estimated value compare with the offering price?
Are the notes insured by the FDIC or U.K. compensation schemes?
Can the notes be affected by U.K. bail-in powers?
