[FWP] iPath Series B S&P 500 VIX Mid-Term Futures ETN Free Writing Prospectus

Rhea-AI Filing Summary

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.

Positive

• 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.

Negative

• 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

Structured-Products Analyst

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.

Credit & Regulatory Risk Specialist

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 Market Linked Notes Filed Pursuant to Rule 433 Registration Statement No. 333-287303

Market Linked Notes—Upside Participation to a Cap and Principal Return at Maturity 

Notes Linked to the EURO STOXX 50^® Index due August 3, 2028

Term Sheet dated June 27, 2025 to Preliminary Pricing Supplement dated June 27, 2025 (the “PPS”) 

Summary of Terms

Issuer	Barclays Bank PLC
Market Measure	EURO STOXX 50® Index (Bloomberg ticker symbol “SX5E<Index>”) (the “Index”)
Pricing Date	July 30, 2025
Issue Date	August 4, 2025
Calculation Day	July 31, 2028
Stated Maturity Date	August 3, 2028
Principal Amount	$1,000 per note
Maturity Payment Amount (per note)	The maturity payment amount will equal: · If the ending level is greater than the starting level, $1,000 plus the lesser of: (i)        $1,000 × index return × upside participation rate; and (ii)        the maximum return · If the ending level is less than or equal to the starting level: $1,000
Starting Level	The closing level of the Index on the pricing date
Ending Level	The closing level of the Index on the calculation day
Maximum Return	At least 28.00% of the principal amount (at least $280.00 per note), to be determined on the pricing date
Upside Participation Rate	100%
Index Return	(ending level – starting level) / starting level
Calculation Agent	Barclays Bank PLC
Denominations	$1,000 and any integral multiple of $1,000
CUSIP/ISIN	06746CDY2 / US06746CDY21
Agent Discount	Up to 3.825%; dealers, including those using the trade name Wells Fargo Advisors (WFA), may receive a selling concession of 2.25% and WFA may receive a distribution expense fee of 0.075%. Selected dealers may receive a fee of up to 0.20% for marketing and other services.

Hypothetical Payout Profile*

* assumes a maximum return equal to the lowest possible maximum return that may be determined on the pricing date

If the ending level is less than or equal to the starting level, you will not receive any positive return on the notes at maturity.

Any payment on the notes, including any repayment of principal, is subject to the creditworthiness of Barclays Bank PLC and is not guaranteed by any third party.

Notwithstanding and to the exclusion of any other term of the notes or any other agreements, arrangements or understandings between Barclays Bank PLC and any holder or beneficial owner of the notes (or the trustee on behalf of the holders of the notes), by acquiring the notes, each holder or beneficial owner of the notes 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. See “Consent to U.K. Bail-in Power” in the PPS.

The issuer’s estimated value of the notes on the pricing date, based on its internal pricing models, is expected to be between $900.00 and $952.50 per note. The estimated value is expected to be less than the original offering price of the notes. See “Additional Information Regarding Our Estimated Value of the Notes” in the PPS.

Investors should carefully review the accompanying PPS, product supplement, underlying supplement, prospectus supplement and prospectus before making a decision to invest in the notes.

PPS:

http://www.sec.gov/Archives/edgar/data/312070/000095010325
008020/dp230814_424b2-7482wfpps.htm

The notes have complex features and investing in the notes involves risks not associated with an investment in conventional debt securities. See “Selected Risk Considerations” in this term sheet and the accompanying PPS and “Risk Factors” in the accompanying product supplement and prospectus supplement.

This term sheet does not provide all of the information that an investor should consider prior to making an investment decision.

The notes constitute our unsecured and unsubordinated obligations. The notes are not deposit liabilities of Barclays Bank PLC and are not covered by the U.K. Financial Services Compensation Scheme or insured by the U.S. Federal Deposit Insurance Corporation or any other governmental agency or deposit insurance agency of the United States, the United Kingdom or any other jurisdiction.

Selected Risk Considerations

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in any of the securities composing the Index. You should carefully review the risk disclosures set forth under the “Risk Factors” sections of the prospectus supplement and product supplement and the “Selected Risk Considerations” section in the accompanying PPS. The risks set forth below are discussed in detail in the “Selected Risk Considerations” section in the accompanying PPS.

· You May Not Receive Any Positive Return On Your Investment In The Notes.

· Your Return Will Be Limited To The Maximum Return And May Be Lower Than The Return On A Direct Investment In The Securities Composing The Index.

· No Periodic Interest Will Be Paid On The Notes.

· Any Payment On The Notes Will Be Determined Based On The Closing Levels Of The Index On The Dates Specified.

· Owning The Notes Is Not The Same As Owning The Securities Composing The Index.

· No Assurance That The Investment View Implicit In The Notes Will Be Successful.

· You Will Be Required To Recognize Taxable Income On The Notes Prior To Maturity.

· The Notes Are Subject To The Credit Risk Of Barclays Bank PLC.

· 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.

· There Are Risks Associated With Investments In Securities Linked To The Value Of Non-U.S. Equity Securities.

· The Notes Do Not Provide Direct Exposure To Fluctuations In Exchange Rates Between The U.S. Dollar And The Euro.

· The Index Reflects The Price Return Of The Securities Composing The Index, Not The Total Return.

· We Cannot Control Actions Of Any Of The Unaffiliated Companies Whose Securities Are Included As Components Of The Index.

· We And Our Affiliates Have No Affiliation With The Index Sponsor And Have Not Independently Verified Its Public Disclosure Of Information.

· Adjustments To The Index Could Adversely Affect The Value Of The Notes And The Amount You Will Receive At Maturity.

· The Historical Performance Of The Index Is Not An Indication Of Its Future Performance.

· Potentially Inconsistent Research, Opinions Or Recommendations By Barclays Capital Inc., Wells Fargo Securities, LLC Or Their Respective Affiliates.

· We, Our Affiliates And Any Other Agent And/Or Participating Dealer May Engage In Various Activities Or Make Determinations That Could Materially Affect Your Notes In Various Ways And Create Conflicts Of Interest.

· The Notes Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Notes To Develop.

· The Value Of The Notes Prior To Maturity Will Be Affected By Numerous Factors, Some Of Which Are Related In Complex Ways.

· The Estimated Value Of Your Notes Is Expected To Be Lower Than The Original Offering Price Of Your Notes.

· The Estimated Value Of Your Notes 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 Notes 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 Notes Is Not A Prediction Of The Prices At Which You May Sell Your Notes In The Secondary Market, If Any, And Such Secondary Market Prices, If Any, Will Likely Be Lower Than The Original Offering Price Of Your Notes And May Be Lower Than The Estimated Value Of Your Notes.

· The Temporary Price At Which We May Initially Buy The Notes 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 Notes.

Barclays Bank PLC has filed a registration statement (including a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the prospectus dated May 15, 2025, the prospectus supplement dated May 15, 2025, the product supplement no. WF-2 dated May 20, 2025, the underlying supplement dated May 15, 2025, the PPS 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.

As used in this term sheet, “we,” “us” and “our” refer to Barclays Bank PLC. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

FAQ

What is the maximum possible return on the Barclays notes?

The maximum return will be at least 28.0% of principal (at least USD 280 per USD 1,000 note), set on the 30 July 2025 pricing date.

Do the notes protect my principal investment?

Yes. If the Index ends at or below its starting level, you will still receive USD 1,000 per note at maturity, subject to Barclays’ credit risk.

Will I receive periodic interest from these notes?

No. No coupons or interest are paid during the 3-year term.

How does Barclays’ estimated value compare with the offering price?

Barclays expects an estimated value between USD 900 and USD 952.50, below the USD 1,000 offering price due to embedded fees and hedging costs.

Are the notes insured by the FDIC or U.K. compensation schemes?

No. The notes are uninsured, unsecured obligations and are not covered by the FDIC or the U.K. Financial Services Compensation Scheme.

Can the notes be affected by U.K. bail-in powers?

Yes. Regulators can write down or convert the notes if Barclays enters resolution, potentially resulting in partial or total loss.