[FWP] iPath Series B S&P 500 VIX Mid-Term Futures ETN Free Writing Prospectus
Barclays Bank PLC is marketing Partial Principal at Risk Securities linked to the S&P 500® Index. The $1,000-denominated notes will be priced on 30 June 2025 and mature on 5 January 2027. They offer a 100% participation rate in any positive index return, but total upside is capped at a maximum payment of at least $1,127 (≥ 112.7% of principal). If the index ends below its initial level, holders receive principal reduced by the index’s percentage decline, subject to a minimum payment of $850; the worst-case loss is therefore 15% of invested capital.
The notes pay no periodic interest, are senior unsecured obligations of Barclays, and are exposed to both the bank’s credit risk and potential U.K. bail-in. Barclays’ own pricing models value the securities at $919.90–$969.90, noticeably below the $1,000 issue price, reflecting dealer compensation, hedging costs and structuring margin.
No exchange listing is planned, so liquidity will depend on Barclays making markets, and resale prices may be well below both issue price and model value. Additional risks disclosed include limited upside, potential negative impact of Barclays’ hedging, model uncertainty, and possible early acceleration upon regulatory change-in-law events.
These notes may suit investors seeking moderate, capped equity exposure with partial downside protection over an 18-month horizon, but investors give up dividends, accept limited upside and bear issuer and market liquidity risk.
Barclays Bank PLC offre in vendita titoli a rischio parziale sul capitale collegati all'indice S&P 500®. I titoli, denominati in tagli da $1.000, saranno quotati il 30 giugno 2025 e scadranno il 5 gennaio 2027. Offrono una partecipazione del 100% a qualsiasi rendimento positivo dell'indice, con un guadagno massimo limitato a un pagamento massimo di almeno $1.127 (≥ 112,7% del capitale). Se l'indice chiude sotto il livello iniziale, i detentori riceveranno il capitale ridotto in base alla percentuale di perdita dell'indice, con un pagamento minimo di $850; la perdita massima possibile è quindi del 15% del capitale investito.
I titoli non pagano interessi periodici, sono obbligazioni senior non garantite di Barclays e sono esposti sia al rischio di credito della banca sia a un possibile bail-in nel Regno Unito. I modelli di valutazione di Barclays stimano il valore dei titoli tra $919,90 e $969,90, sensibilmente inferiore al prezzo di emissione di $1.000, a causa di compensi per i dealer, costi di copertura e margine di strutturazione.
Non è prevista la quotazione in borsa, quindi la liquidità dipenderà dalla disponibilità di Barclays a fare mercato, e i prezzi di rivendita potrebbero essere molto inferiori sia al prezzo di emissione che al valore stimato. Altri rischi evidenziati comprendono un guadagno limitato, possibile impatto negativo delle coperture di Barclays, incertezza nei modelli e possibile accelerazione anticipata in caso di cambi normativi regolamentari.
Questi titoli possono essere adatti a investitori che cercano un'esposizione azionaria moderata e limitata con protezione parziale al ribasso su un orizzonte di 18 mesi, ma rinunciano ai dividendi, accettano un guadagno limitato e si assumono il rischio emittente e di liquidità di mercato.
Barclays Bank PLC está comercializando Valores con Riesgo Parcial al Principal vinculados al índice S&P 500®. Los bonos denominados en $1,000 se valorarán el 30 de junio de 2025 y vencerán el 5 de enero de 2027. Ofrecen una tasa de participación del 100% en cualquier rendimiento positivo del índice, pero la ganancia total está limitada a un pago máximo de al menos $1,127 (≥ 112.7% del principal). Si el índice termina por debajo de su nivel inicial, los tenedores reciben el principal reducido según el porcentaje de caída del índice, con un pago mínimo de $850; la pérdida máxima posible es del 15% del capital invertido.
Los bonos no pagan intereses periódicos, son obligaciones senior no garantizadas de Barclays y están expuestos tanto al riesgo crediticio del banco como a un posible rescate (bail-in) en el Reino Unido. Los modelos de valoración de Barclays estiman que los valores valen entre $919.90 y $969.90, considerablemente por debajo del precio de emisión de $1,000, reflejando la compensación del distribuidor, costos de cobertura y margen de estructuración.
No se planea cotización en bolsa, por lo que la liquidez dependerá de que Barclays actúe como creador de mercado, y los precios de reventa pueden estar muy por debajo tanto del precio de emisión como del valor estimado. Otros riesgos divulgados incluyen ganancia limitada, posible impacto negativo de la cobertura de Barclays, incertidumbre del modelo y posible aceleración anticipada ante cambios regulatorios.
Estos bonos pueden ser adecuados para inversores que buscan exposición moderada y limitada a acciones con protección parcial a la baja durante un horizonte de 18 meses, pero renuncian a dividendos, aceptan ganancia limitada y asumen riesgo del emisor y de liquidez de mercado.
Barclays Bank PLC는 S&P 500® 지수에 연계된 부분 원금 위험 증권을 판매하고 있습니다. 액면가 $1,000인 이 노트는 2025년 6월 30일에 가격이 책정되고 2027년 1월 5일에 만기됩니다. 지수가 상승할 경우 100% 참여율을 제공하지만, 최대 지급액은 최소 $1,127 (원금의 112.7% 이상)로 제한됩니다. 만약 지수가 시작 수준보다 하락하면, 투자자는 지수 하락률만큼 원금이 줄어든 금액을 받고, 최소 지급액은 $850입니다; 즉, 최악의 손실은 투자 원금의 15%입니다.
이 노트는 정기 이자를 지급하지 않으며, Barclays의 선순위 무담보 채무로서 은행의 신용 위험과 영국의 강제 구조조정(bail-in) 위험에 노출되어 있습니다. Barclays 자체 평가 모델은 이 증권 가치를 $919.90에서 $969.90 사이로 산정하며, 이는 $1,000 발행가보다 상당히 낮은 수준으로, 딜러 수수료, 헤지 비용 및 구조화 마진을 반영한 것입니다.
거래소 상장은 계획되어 있지 않아 유동성은 Barclays가 시장 조성자 역할을 하는지에 달려 있으며, 재판매 가격은 발행가 및 모델 가치보다 훨씬 낮을 수 있습니다. 추가 위험으로는 제한된 상승 가능성, Barclays 헤지의 부정적 영향, 모델 불확실성, 규제 변경에 따른 조기 상환 가능성이 포함됩니다.
이 노트는 18개월 기간 동안 부분적 하방 보호가 있는 중간 수준의 상한 주식 노출을 원하는 투자자에게 적합할 수 있으나, 배당금 포기, 제한된 상승 수익, 발행자 및 시장 유동성 위험을 감수해야 합니다.
Barclays Bank PLC commercialise des titres à risque partiel sur le principal liés à l’indice S&P 500®. Les billets, d’une valeur nominale de 1 000 $, seront tarifés le 30 juin 2025 et arriveront à échéance le 5 janvier 2027. Ils offrent un taux de participation de 100% à toute performance positive de l’indice, avec un gain maximal plafonné à un paiement maximum d’au moins 1 127 $ (≥ 112,7 % du principal). Si l’indice termine en dessous de son niveau initial, les détenteurs reçoivent un principal réduit en fonction de la baisse en pourcentage de l’indice, avec un paiement minimum de 850 $ ; la perte maximale est donc de 15 % du capital investi.
Les titres ne versent aucun intérêt périodique, sont des obligations senior non garanties de Barclays et sont exposés au risque de crédit de la banque ainsi qu’à un éventuel bail-in au Royaume-Uni. Les modèles de valorisation de Barclays estiment la valeur des titres entre 919,90 $ et 969,90 $, nettement inférieure au prix d’émission de 1 000 $, reflétant la rémunération des intermédiaires, les coûts de couverture et la marge de structuration.
Aucune cotation en bourse n’est prévue, donc la liquidité dépendra de la capacité de Barclays à faire le marché, et les prix de revente pourraient être bien inférieurs au prix d’émission et à la valeur modélisée. Les risques supplémentaires mentionnés incluent un potentiel limité à la hausse, un impact négatif possible des couvertures de Barclays, l’incertitude des modèles et une possible accélération anticipée en cas de changement réglementaire.
Ces titres peuvent convenir aux investisseurs recherchant une exposition modérée et plafonnée aux actions avec une protection partielle à la baisse sur un horizon de 18 mois, mais qui renoncent aux dividendes, acceptent un potentiel limité et supportent le risque émetteur ainsi que le risque de liquidité du marché.
Die Barclays Bank PLC bietet Teilweise Kapitalrisiko-Wertpapiere an, die an den S&P 500® Index gekoppelt sind. Die in $1.000 denominierten Notes werden am 30. Juni 2025 bepreist und laufen am 5. Januar 2027 aus. Sie bieten eine 100%ige Partizipationsrate an positiven Indexgewinnen, jedoch ist die maximale Auszahlung auf mindestens $1.127 (≥ 112,7% des Kapitals) begrenzt. Fällt der Index unter den Anfangswert, erhalten die Inhaber das Kapital vermindert um den prozentualen Indexverlust, mit einer Mindestzahlung von $850; der maximale Verlust beträgt somit 15% des investierten Kapitals.
Die Notes zahlen keine periodischen Zinsen, sind unbesicherte vorrangige Verbindlichkeiten von Barclays und unterliegen sowohl dem Kreditrisiko der Bank als auch einem möglichen Bail-in im Vereinigten Königreich. Barclays eigene Bewertungsmodelle schätzen die Wertpapiere auf $919,90 bis $969,90, deutlich unter dem Ausgabepreis von $1.000, was Händlerprovisionen, Absicherungskosten und Strukturierungsaufschläge widerspiegelt.
Eine Börsennotierung ist nicht geplant, daher hängt die Liquidität davon ab, ob Barclays als Market Maker auftritt, und Wiederverkaufspreise können deutlich unter Ausgabe- und Modellwert liegen. Weitere Risiken umfassen begrenztes Aufwärtspotenzial, mögliche negative Auswirkungen der Absicherung durch Barclays, Modellunsicherheiten und eine mögliche vorzeitige Rückzahlung bei regulatorischen Gesetzesänderungen.
Diese Notes könnten für Anleger geeignet sein, die über einen Zeitraum von 18 Monaten eine moderate, begrenzte Aktienexponierung mit teilweisem Abwärtsschutz suchen, jedoch auf Dividenden verzichten, begrenztes Aufwärtspotenzial akzeptieren und Emittenten- sowie Marktlagerisiken tragen.
- 85% principal floor limits maximum loss to 15%.
- 100% participation in S&P 500 upside up to the cap provides equity growth potential.
- Short 18-month tenor reduces long-term exposure to market and credit events.
- No interest or dividends paid, reducing total return versus direct equity ownership.
- Upside capped at a minimum of 12.7%, limiting participation in strong markets.
- Estimated fair value ($919.90–$969.90) is below the $1,000 issue price, implying negative carry at issuance.
- Senior unsecured exposure to Barclays and potential U.K. bail-in could lead to greater losses than modeled.
- Unlisted security; secondary market liquidity and pricing are uncertain.
Insights
TL;DR – Captures 0-12.7% upside with 15% floor; credit and liquidity risks offset limited protection.
The structure provides 15% principal protection and full participation up to a modest cap. Investors sacrifice dividends and any equity gains above roughly 12.7%, while accepting Barclays credit exposure. The bank’s internal value (≈ 92–97% of par) indicates a meaningful embedded fee, so secondary prices are likely to open at a discount. For investors comfortable with Barclays risk and needing a defined 15% buffer, the notes are a neutral proposition; risk/return is balanced but not compelling.
TL;DR – Limited upside, below-par model value and bail-in risk make risk-adjusted return unattractive.
While the 85% floor caps losses, the 12.7% minimum cap severely limits upside versus direct S&P 500 exposure. The lack of interest and no dividend replacement raise carry costs. Credit risk is material: any bail-in could wipe out more than 15%. Absence of listing reduces exit flexibility. Given these factors, the structure skews negative for most portfolios seeking efficient equity risk.
Barclays Bank PLC offre in vendita titoli a rischio parziale sul capitale collegati all'indice S&P 500®. I titoli, denominati in tagli da $1.000, saranno quotati il 30 giugno 2025 e scadranno il 5 gennaio 2027. Offrono una partecipazione del 100% a qualsiasi rendimento positivo dell'indice, con un guadagno massimo limitato a un pagamento massimo di almeno $1.127 (≥ 112,7% del capitale). Se l'indice chiude sotto il livello iniziale, i detentori riceveranno il capitale ridotto in base alla percentuale di perdita dell'indice, con un pagamento minimo di $850; la perdita massima possibile è quindi del 15% del capitale investito.
I titoli non pagano interessi periodici, sono obbligazioni senior non garantite di Barclays e sono esposti sia al rischio di credito della banca sia a un possibile bail-in nel Regno Unito. I modelli di valutazione di Barclays stimano il valore dei titoli tra $919,90 e $969,90, sensibilmente inferiore al prezzo di emissione di $1.000, a causa di compensi per i dealer, costi di copertura e margine di strutturazione.
Non è prevista la quotazione in borsa, quindi la liquidità dipenderà dalla disponibilità di Barclays a fare mercato, e i prezzi di rivendita potrebbero essere molto inferiori sia al prezzo di emissione che al valore stimato. Altri rischi evidenziati comprendono un guadagno limitato, possibile impatto negativo delle coperture di Barclays, incertezza nei modelli e possibile accelerazione anticipata in caso di cambi normativi regolamentari.
Questi titoli possono essere adatti a investitori che cercano un'esposizione azionaria moderata e limitata con protezione parziale al ribasso su un orizzonte di 18 mesi, ma rinunciano ai dividendi, accettano un guadagno limitato e si assumono il rischio emittente e di liquidità di mercato.
Barclays Bank PLC está comercializando Valores con Riesgo Parcial al Principal vinculados al índice S&P 500®. Los bonos denominados en $1,000 se valorarán el 30 de junio de 2025 y vencerán el 5 de enero de 2027. Ofrecen una tasa de participación del 100% en cualquier rendimiento positivo del índice, pero la ganancia total está limitada a un pago máximo de al menos $1,127 (≥ 112.7% del principal). Si el índice termina por debajo de su nivel inicial, los tenedores reciben el principal reducido según el porcentaje de caída del índice, con un pago mínimo de $850; la pérdida máxima posible es del 15% del capital invertido.
Los bonos no pagan intereses periódicos, son obligaciones senior no garantizadas de Barclays y están expuestos tanto al riesgo crediticio del banco como a un posible rescate (bail-in) en el Reino Unido. Los modelos de valoración de Barclays estiman que los valores valen entre $919.90 y $969.90, considerablemente por debajo del precio de emisión de $1,000, reflejando la compensación del distribuidor, costos de cobertura y margen de estructuración.
No se planea cotización en bolsa, por lo que la liquidez dependerá de que Barclays actúe como creador de mercado, y los precios de reventa pueden estar muy por debajo tanto del precio de emisión como del valor estimado. Otros riesgos divulgados incluyen ganancia limitada, posible impacto negativo de la cobertura de Barclays, incertidumbre del modelo y posible aceleración anticipada ante cambios regulatorios.
Estos bonos pueden ser adecuados para inversores que buscan exposición moderada y limitada a acciones con protección parcial a la baja durante un horizonte de 18 meses, pero renuncian a dividendos, aceptan ganancia limitada y asumen riesgo del emisor y de liquidez de mercado.
Barclays Bank PLC는 S&P 500® 지수에 연계된 부분 원금 위험 증권을 판매하고 있습니다. 액면가 $1,000인 이 노트는 2025년 6월 30일에 가격이 책정되고 2027년 1월 5일에 만기됩니다. 지수가 상승할 경우 100% 참여율을 제공하지만, 최대 지급액은 최소 $1,127 (원금의 112.7% 이상)로 제한됩니다. 만약 지수가 시작 수준보다 하락하면, 투자자는 지수 하락률만큼 원금이 줄어든 금액을 받고, 최소 지급액은 $850입니다; 즉, 최악의 손실은 투자 원금의 15%입니다.
이 노트는 정기 이자를 지급하지 않으며, Barclays의 선순위 무담보 채무로서 은행의 신용 위험과 영국의 강제 구조조정(bail-in) 위험에 노출되어 있습니다. Barclays 자체 평가 모델은 이 증권 가치를 $919.90에서 $969.90 사이로 산정하며, 이는 $1,000 발행가보다 상당히 낮은 수준으로, 딜러 수수료, 헤지 비용 및 구조화 마진을 반영한 것입니다.
거래소 상장은 계획되어 있지 않아 유동성은 Barclays가 시장 조성자 역할을 하는지에 달려 있으며, 재판매 가격은 발행가 및 모델 가치보다 훨씬 낮을 수 있습니다. 추가 위험으로는 제한된 상승 가능성, Barclays 헤지의 부정적 영향, 모델 불확실성, 규제 변경에 따른 조기 상환 가능성이 포함됩니다.
이 노트는 18개월 기간 동안 부분적 하방 보호가 있는 중간 수준의 상한 주식 노출을 원하는 투자자에게 적합할 수 있으나, 배당금 포기, 제한된 상승 수익, 발행자 및 시장 유동성 위험을 감수해야 합니다.
Barclays Bank PLC commercialise des titres à risque partiel sur le principal liés à l’indice S&P 500®. Les billets, d’une valeur nominale de 1 000 $, seront tarifés le 30 juin 2025 et arriveront à échéance le 5 janvier 2027. Ils offrent un taux de participation de 100% à toute performance positive de l’indice, avec un gain maximal plafonné à un paiement maximum d’au moins 1 127 $ (≥ 112,7 % du principal). Si l’indice termine en dessous de son niveau initial, les détenteurs reçoivent un principal réduit en fonction de la baisse en pourcentage de l’indice, avec un paiement minimum de 850 $ ; la perte maximale est donc de 15 % du capital investi.
Les titres ne versent aucun intérêt périodique, sont des obligations senior non garanties de Barclays et sont exposés au risque de crédit de la banque ainsi qu’à un éventuel bail-in au Royaume-Uni. Les modèles de valorisation de Barclays estiment la valeur des titres entre 919,90 $ et 969,90 $, nettement inférieure au prix d’émission de 1 000 $, reflétant la rémunération des intermédiaires, les coûts de couverture et la marge de structuration.
Aucune cotation en bourse n’est prévue, donc la liquidité dépendra de la capacité de Barclays à faire le marché, et les prix de revente pourraient être bien inférieurs au prix d’émission et à la valeur modélisée. Les risques supplémentaires mentionnés incluent un potentiel limité à la hausse, un impact négatif possible des couvertures de Barclays, l’incertitude des modèles et une possible accélération anticipée en cas de changement réglementaire.
Ces titres peuvent convenir aux investisseurs recherchant une exposition modérée et plafonnée aux actions avec une protection partielle à la baisse sur un horizon de 18 mois, mais qui renoncent aux dividendes, acceptent un potentiel limité et supportent le risque émetteur ainsi que le risque de liquidité du marché.
Die Barclays Bank PLC bietet Teilweise Kapitalrisiko-Wertpapiere an, die an den S&P 500® Index gekoppelt sind. Die in $1.000 denominierten Notes werden am 30. Juni 2025 bepreist und laufen am 5. Januar 2027 aus. Sie bieten eine 100%ige Partizipationsrate an positiven Indexgewinnen, jedoch ist die maximale Auszahlung auf mindestens $1.127 (≥ 112,7% des Kapitals) begrenzt. Fällt der Index unter den Anfangswert, erhalten die Inhaber das Kapital vermindert um den prozentualen Indexverlust, mit einer Mindestzahlung von $850; der maximale Verlust beträgt somit 15% des investierten Kapitals.
Die Notes zahlen keine periodischen Zinsen, sind unbesicherte vorrangige Verbindlichkeiten von Barclays und unterliegen sowohl dem Kreditrisiko der Bank als auch einem möglichen Bail-in im Vereinigten Königreich. Barclays eigene Bewertungsmodelle schätzen die Wertpapiere auf $919,90 bis $969,90, deutlich unter dem Ausgabepreis von $1.000, was Händlerprovisionen, Absicherungskosten und Strukturierungsaufschläge widerspiegelt.
Eine Börsennotierung ist nicht geplant, daher hängt die Liquidität davon ab, ob Barclays als Market Maker auftritt, und Wiederverkaufspreise können deutlich unter Ausgabe- und Modellwert liegen. Weitere Risiken umfassen begrenztes Aufwärtspotenzial, mögliche negative Auswirkungen der Absicherung durch Barclays, Modellunsicherheiten und eine mögliche vorzeitige Rückzahlung bei regulatorischen Gesetzesänderungen.
Diese Notes könnten für Anleger geeignet sein, die über einen Zeitraum von 18 Monaten eine moderate, begrenzte Aktienexponierung mit teilweisem Abwärtsschutz suchen, jedoch auf Dividenden verzichten, begrenztes Aufwärtspotenzial akzeptieren und Emittenten- sowie Marktlagerisiken tragen.
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, the prospectus supplement dated May 15, 2025 and the underlying 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 30, 2025 (to the Prospectus dated May 15, 2025, the Prospectus Supplement dated May 15, 2025 and the Underlying Supplement dated May 15, 2025) | Filed Pursuant to Rule 433 Registration Statement No. 333-287303 |
Barclays Bank PLC – Partial Principal at Risk Securities Based on the Value of the S&P 500® Index due January 5, 2027
This document provides a summary of the terms of the securities. Investors must carefully review the accompanying pricing supplement, the prospectus, prospectus supplement and underlying supplement, as well as the “Risk Factors” on the following page, prior to making an investment decision.
| Summary Terms | Payoff Diagram* |
| Issuer: | Barclays Bank PLC |
| Underlier: | S&P 500® Index (Bloomberg ticker symbol “SPX<Index>”) |
| Pricing date: | June 30, 2025 |
| Original issue date: | July 3, 2025 |
| Valuation date: | December 30, 2026 |
| Maturity date: | January 5, 2027 |
| Payment at maturity: |
You will receive on the maturity date a cash payment per security determined as follows: · If the final underlier value is greater than the initial underlier value: the lesser of (a) $1,000 + supplemental redemption amount and (b) maximum payment at maturity · If the final underlier value is less than or equal to the initial underlier value: $1,000 + ($1,000 × underlier return), subject to the minimum payment at maturity In no event will the payment at maturity be less than the minimum payment at maturity or greater than the maximum payment at maturity. If the final underlier value is less than the initial underlier value, investors will lose up to 15% of their principal. |
| Maximum payment at maturity: | At least $1,127.00 per security (at least 112.70% of the stated principal amount) (to be determined on the pricing date) |
| Minimum payment at maturity: | $850.00 per security (85% of the stated principal amount) |
| Supplemental redemption amount: | $1,000 × underlier return × participation rate |
| Participation rate: | 100% |
| Underlier return: | (final underlier value – initial underlier value) / initial underlier value |
| Initial underlier value: | The closing level of the underlier on the pricing date |
| Final underlier value: | The closing level of the underlier on the valuation date |
| CUSIP / ISIN: | 06746CF87 / US06746CF874 |
| 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/312070/000095010325008 089/dp230877_424b2-7494ms.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. |
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| Hypothetical Payment at Maturity* | ||
| Underlier Return | Payment at Maturity | Total Return on Securities |
| 70.00% | $1,580.00 | 58.00% |
| 60.00% | $1,580.00 | 58.00% |
| 50.00% | $1,500.00 | 50.00% |
| 40.00% | $1,400.00 | 40.00% |
| 30.00% | $1,300.00 | 30.00% |
| 20.00% | $1,200.00 | 20.00% |
| 12.70% | $1,127.00 | 12.70% |
| 10.00% | $1,100.00 | 10.00% |
| 5.00% | $1,050.00 | 5.00% |
| 2.50% | $1,025.00 | 2.50% |
| 0.00% | $1,000.00 | 0.00% |
| -2.50% | $975.00 | -2.50% |
| -5.00% | $950.00 | -5.00% |
| -10.00% | $900.00 | -10.00% |
| -15.00% | $850.00 | -15.00% |
| -20.00% | $850.00 | -15.00% |
| -30.00% | $850.00 | -15.00% |
| -40.00% | $850.00 | -15.00% |
| -50.00% | $850.00 | -15.00% |
| -60.00% | $850.00 | -15.00% |
| -70.00% | $850.00 | -15.00% |
| -80.00% | $850.00 | -15.00% |
| -90.00% | $850.00 | -15.00% |
| -100.00% | $850.00 | -15.00% |
| * The graph and table above assume a hypothetical maximum payment at maturity of $1,127.00 per security (112.70% of the stated principal amount) and reflect the participation rate of 100%. The actual maximum payment at maturity will be determined on the pricing date. |
Our estimated value of the securities on the pricing date, based on our internal pricing models, is expected to be between $919.90 and $969.90 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 pay interest and may not pay more than the minimum payment at maturity. |
| · | The appreciation potential of the securities is limited by the maximum payment at maturity. |
| · | Any payment on the securities will be determined based on the closing levels of the underlier on the dates specified. |
| · | Investing in the securities is not equivalent to investing in the underlier or the securities composing the underlier. |
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
| · | Adjustments to the underlier could adversely affect the value of the securities. |
| · | 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
| · | 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 maturity date of Barclays' Partial Principal at Risk Securities (symbol VXZ)?
How much principal protection do these Barclays notes provide?
What is the maximum potential return on the Barclays S&P 500 notes?
Do the Barclays Partial Principal at Risk Securities pay interest or dividends?
Where will these notes trade after issuance?
Why is the estimated value below the $1,000 issue price?
