[144] Cloudflare, Inc. Class A common stock, par value $0.001 per share SEC Filing
Filing Impact
Filing Sentiment
Form Type
144
Rhea-AI Filing Summary
Barclays Bank PLC intends to issue Global Medium-Term Notes, Series A that mature on 5 August 2030 and are linked to the least-performing of the S&P 500庐 Index (SPX) and the Dow Jones Industrial Average庐 (INDU).
- Principal terms. Minimum denomination is $1,000; Initial Valuation Date 31 July 2025; Issue Date 5 August 2025; Final Valuation Date 31 July 2030; Maturity Date 5 August 2030.
- Payout structure. 鈥� If the Final Value of the least-performing reference asset 鈮� its Initial Value: Payment = $1,000 + ($1,000 脳 min[Reference Asset Return, 60%]). 鈥� If the Final Value < Initial Value: Payment = principal only ($1,000). 鈥� Maximum redemption value is therefore $1,600 per $1,000 note (60% cap); there is no downside participation below principal.
- Estimated value. Barclays鈥� internal models indicate an initial fair value between $887.20 and $967.20 per note, below the $1,000 issue price. The difference reflects dealer commissions (up to 0.925%), hedging and structuring costs.
- Distribution & liquidity. Notes will not be listed on an exchange; Barclays Capital Inc. may make a secondary market but is not obliged to do so.
- Credit & bail-in risk. The notes are unsecured, unsubordinated claims on Barclays Bank PLC and are subject to potential write-down or conversion under the U.K. Bail-in Power.
- Tax. Barclays intends to treat the notes as contingent payment debt instruments; U.S. investors must accrue taxable interest annually even though no cash is paid before maturity.
- Risk highlights. No periodic coupons; upside capped at 60%; value may be volatile prior to maturity; secondary market price likely lower than issue price; performance depends on both equity indices individually (no basket averaging).
Barclays Bank PLC intende emettere Global Medium-Term Notes, Serie A con scadenza il 5 agosto 2030, collegate al peggiore rendimento tra l'indice S&P 500庐 (SPX) e il Dow Jones Industrial Average庐 (INDU).
- Termini principali. Taglio minimo $1.000; Data di valutazione iniziale 31 luglio 2025; Data di emissione 5 agosto 2025; Data di valutazione finale 31 luglio 2030; Data di scadenza 5 agosto 2030.
- Struttura del pagamento. 鈥� Se il valore finale dell'attivit脿 di riferimento meno performante 猫 鈮� al valore iniziale: pagamento = $1.000 + ($1.000 脳 min[ritorno attivit脿 di riferimento, 60%]). 鈥� Se il valore finale 猫 < valore iniziale: pagamento solo del capitale ($1.000). 鈥� Il valore massimo di rimborso 猫 quindi $1.600 per ogni nota da $1.000 (limite 60%); non vi 猫 partecipazione alle perdite sotto il capitale.
- Valore stimato. I modelli interni di Barclays indicano un valore equo iniziale tra $887,20 e $967,20 per nota, inferiore al prezzo di emissione di $1.000. La differenza riflette commissioni (fino allo 0,925%), costi di copertura e strutturazione.
- Distribuzione e liquidit脿. Le note non saranno quotate in borsa; Barclays Capital Inc. potr脿 creare un mercato secondario ma non 猫 obbligata a farlo.
- Rischio di credito e bail-in. Le note sono crediti non garantiti e non subordinati verso Barclays Bank PLC e possono essere soggetti a riduzione o conversione secondo il potere di bail-in del Regno Unito.
- 贵颈蝉肠补濒颈迟脿. Barclays intende trattare le note come strumenti di debito con pagamento condizionato; gli investitori statunitensi devono tassare gli interessi annualmente anche se non ricevono pagamenti prima della scadenza.
- Rischi principali. Nessuna cedola periodica; rendimento massimo limitato al 60%; valore potenzialmente volatile prima della scadenza; prezzo di mercato secondario probabilmente inferiore al prezzo di emissione; performance dipende da ciascun indice azionario singolarmente (nessuna media di paniere).
Barclays Bank PLC tiene previsto emitir Global Medium-Term Notes, Serie A que vencen el 5 de agosto de 2030 y est谩n vinculadas al rendimiento menor entre el 铆ndice S&P 500庐 (SPX) y el Dow Jones Industrial Average庐 (INDU).
- T茅rminos principales. Denominaci贸n m铆nima $1,000; Fecha de valoraci贸n inicial 31 de julio de 2025; Fecha de emisi贸n 5 de agosto de 2025; Fecha de valoraci贸n final 31 de julio de 2030; Fecha de vencimiento 5 de agosto de 2030.
- Estructura de pago. 鈥� Si el valor final del activo de referencia con menor rendimiento 鈮� valor inicial: Pago = $1,000 + ($1,000 脳 min[Retorno del activo de referencia, 60%]). 鈥� Si el valor final < valor inicial: Pago solo del principal ($1,000). 鈥� El valor m谩ximo de redenci贸n es por tanto $1,600 por cada nota de $1,000 (tope 60%); no hay participaci贸n en p茅rdidas por debajo del principal.
- Valor estimado. Los modelos internos de Barclays indican un valor justo inicial entre $887.20 y $967.20 por nota, inferior al precio de emisi贸n de $1,000. La diferencia refleja comisiones (hasta 0.925%), costos de cobertura y estructuraci贸n.
- Distribuci贸n y liquidez. Las notas no estar谩n listadas en bolsa; Barclays Capital Inc. podr铆a crear un mercado secundario pero no est谩 obligado a hacerlo.
- Riesgo de cr茅dito y bail-in. Las notas son reclamaciones no garantizadas y no subordinadas contra Barclays Bank PLC y est谩n sujetas a posible reducci贸n o conversi贸n bajo el poder de bail-in del Reino Unido.
- Fiscalidad. Barclays tiene la intenci贸n de tratar las notas como instrumentos de deuda con pagos contingentes; los inversores estadounidenses deben acumular intereses imponibles anualmente aunque no reciban efectivo antes del vencimiento.
- Aspectos de riesgo. Sin cupones peri贸dicos; rendimiento m谩ximo limitado al 60%; valor puede ser vol谩til antes del vencimiento; precio en mercado secundario probablemente inferior al precio de emisi贸n; el rendimiento depende de cada 铆ndice burs谩til individualmente (sin promedio de cesta).
Barclays Bank PLC电� 旮�搿滊矊 欷戧赴毂勱秾 鞁滊Μ歃� A毳� 氚滍枆頃� 鞓堨爼鞚措┌, 毵岅赴电� 2030雲� 8鞗� 5鞚�鞚搓碃 S&P 500庐 歆�靾�(SPX)鞕� 雼れ毎 臁挫姢 靷办梾韽夑窢歆�靾樎�(INDU) 欷� 靹彪姤鞚� 臧�鞛� 鞝�臁绊暅 歆�靾橃棎 鞐半彊霅╇媹雼�.
- 欤检殧 臁瓣贝. 斓滌唽 鞎‰┐臧� $1,000; 斓滌磮 韽夑皜鞚� 2025雲� 7鞗� 31鞚�; 氚滍枆鞚� 2025雲� 8鞗� 5鞚�; 斓滌 韽夑皜鞚� 2030雲� 7鞗� 31鞚�; 毵岅赴鞚� 2030雲� 8鞗� 5鞚�.
- 歆�旮� 甑“. 鈥� 斓滌 臧�旃橁皜 旮办 鞛愳偘 齑堦赴 臧�旃� 鞚挫儊鞚� 瓴届毎: 歆�旮夓暋 = $1,000 + ($1,000 脳 min[旮办 鞛愳偘 靾橃澋毳�, 60%]). 鈥� 斓滌 臧�旃橁皜 齑堦赴 臧�旃� 氙鸽鞚� 瓴届毎: 鞗愱笀毵� 歆�旮� ($1,000). 鈥� 斓滊寑 靸來櫂 臧�旃樀鐢 $1,000 雼� $1,600鞚措┌(60% 頃滊弰), 鞗愱笀 鞚错晿 靻愳嫟鞚� 鞐嗢姷雼堧嫟.
- 鞓堨儊 臧�旃�. Barclays 雮措秬 氇嵏鞐� 霐半ゴ氅� 齑堦赴 瓿奠爼 臧�旃樀鐢 雲疙姼雼� $887.20鞐愳劀 $967.20 靷澊搿�, $1,000 氚滍枆臧�氤措嫟 雮姷雼堧嫟. 鞚� 彀澊电� 霐滊煬 靾橃垬耄�(斓滊寑 0.925%), 項れ 氚� 甑“頇� 牍勳毄鞚� 氚橃榿頃╇媹雼�.
- 氚绊彫 氚� 鞙犽彊靹�. 雲疙姼电� 瓯半灅靻岇棎 靸侅灔霅橃 鞎婌溂氅�, Barclays Capital Inc.臧� 2彀� 鞁滌灔鞚� 臁办劚頃� 靾� 鞛堨溂雮� 鞚橂电� 鞐嗢姷雼堧嫟.
- 鞁犾毄 氚� 氩犾澕鞚� 鞙勴棙. 鞚� 雲疙姼电� Barclays Bank PLC鞐� 雽�頃� 氍措嫶氤�, 牍勴泟靾滌渼 毂勱秾鞚措┌ 鞓侁淡鞚� 氩犾澕鞚� 甓岉暅鞐� 霐半澕 臧愳暋 霕惖鐢 鞝勴櫂霅� 靾� 鞛堨姷雼堧嫟.
- 靹戈笀. Barclays电� 鞚� 雲疙姼毳� 臁瓣贝攵� 歆�旮� 攵�毂勳儊頀�鞙茧 旆笁頃� 鞓堨爼鞚措┌, 氙戈淡 韴瀽鞛惖鐢 毵岅赴 鞝� 順勱笀 歆�旮夓澊 鞐嗢柎霃� 毵る厔 瓿检劯 雽�靸� 鞚挫瀽毳� 鞚胳嫕頃挫暭 頃╇媹雼�.
- 鞙勴棙 鞖旍暯. 鞝曣赴 炜犿彴 鞐嗢潓; 靸侅姽 靾橃澋毳� 60% 鞝滍暅; 毵岅赴 鞝� 臧�旃� 氤�霃欖劚 臧�電�; 2彀� 鞁滌灔 臧�瓴╈潃 氚滍枆臧�氤措嫟 雮潉 臧�電レ劚; 靹标臣电� 霊� 欤缄皜歆�靾橂ゼ 臧滊硠鞝侅溂搿� 霐半(氚旍姢旒� 韽夑窢 鞎勲嫎).
Barclays Bank PLC pr茅voit d鈥櫭﹎ettre des Global Medium-Term Notes, S茅rie A arrivant 脿 茅ch茅ance le 5 ao没t 2030, li茅es 脿 la performance la plus faible entre l鈥檌ndice S&P 500庐 (SPX) et le Dow Jones Industrial Average庐 (INDU).
- Conditions principales. Valeur nominale minimale 1 000 $ ; date d鈥櫭﹙aluation initiale 31 juillet 2025 ; date d鈥櫭﹎ission 5 ao没t 2025 ; date d鈥櫭﹙aluation finale 31 juillet 2030 ; date d鈥櫭ヽh茅ance 5 ao没t 2030.
- Structure de paiement. 鈥� Si la valeur finale de l鈥檃ctif de r茅f茅rence le moins performant 鈮� valeur initiale : paiement = 1 000 $ + (1 000 $ 脳 min[performance de l鈥檃ctif de r茅f茅rence, 60 %]). 鈥� Si la valeur finale < valeur initiale : paiement du principal uniquement (1 000 $). 鈥� La valeur maximale de remboursement est donc de 1 600 $ par note de 1 000 $ (plafond de 60 %) ; il n鈥檡 a pas de participation 脿 la baisse en dessous du principal.
- Valeur estim茅e. Les mod猫les internes de Barclays indiquent une juste valeur initiale comprise entre 887,20 $ et 967,20 $ par note, inf茅rieure au prix d鈥櫭﹎ission de 1 000 $. La diff茅rence refl猫te les commissions des interm茅diaires (jusqu鈥櫭� 0,925 %), ainsi que les co没ts de couverture et de structuration.
- Distribution et liquidit茅. Les notes ne seront pas cot茅es en bourse ; Barclays Capital Inc. peut cr茅er un march茅 secondaire mais n鈥檡 est pas oblig茅.
- Risque de cr茅dit et bail-in. Les notes sont des cr茅ances non garanties et non subordonn茅es sur Barclays Bank PLC et peuvent faire l鈥檕bjet d鈥檜ne r茅duction ou conversion en vertu du pouvoir de bail-in britannique.
- 贵颈蝉肠补濒颈迟茅. Barclays entend traiter les notes comme des instruments de dette 脿 paiement conditionnel ; les investisseurs am茅ricains doivent comptabiliser annuellement les int茅r锚ts imposables m锚me en l鈥檃bsence de paiement en esp猫ces avant l鈥櫭ヽh茅ance.
- Points cl茅s de risque. Pas de coupons p茅riodiques ; rendement plafonn茅 脿 60 % ; valeur susceptible d鈥櫭猼re volatile avant l鈥櫭ヽh茅ance ; prix sur le march茅 secondaire probablement inf茅rieur au prix d鈥櫭﹎ission ; performance d茅pend de chaque indice boursier individuellement (pas de moyenne de panier).
Barclays Bank PLC beabsichtigt die Emission von Global Medium-Term Notes, Serie A, die am 5. August 2030 f盲llig werden und an die 蝉肠丑飞盲肠丑蝉迟别 Entwicklung des S&P 500庐 Index (SPX) und des Dow Jones Industrial Average庐 (INDU) gekoppelt sind.
- Hauptbedingungen. Mindestst眉ckelung $1.000; Anfangsbewertungsdatum 31. Juli 2025; Ausgabedatum 5. August 2025; Endbewertungsdatum 31. Juli 2030; F盲lligkeitsdatum 5. August 2030.
- Zahlungsstruktur. 鈥� Liegt der Endwert des schlechter performenden Referenzwerts 鈮� Anfangswert: Zahlung = $1.000 + ($1.000 脳 min[Referenzwert-Rendite, 60%]). 鈥� Liegt der Endwert < Anfangswert: Zahlung nur des Kapitals ($1.000). 鈥� Der maximale R眉ckzahlungsbetrag betr盲gt somit $1.600 pro $1.000-Note (60%-Deckelung); es gibt keine Verlustbeteiligung unterhalb des Kapitals.
- Gesch盲tzter Wert. Barclays interne Modelle zeigen einen anf盲nglichen fairen Wert zwischen $887,20 und $967,20 pro Note, unter dem Ausgabepreis von $1.000. Die Differenz spiegelt H盲ndlerprovisionen (bis zu 0,925%), Absicherungs- und Strukturierungskosten wider.
- Distribution & Liquidit盲t. Die Notes werden nicht an einer B枚rse notiert; Barclays Capital Inc. kann einen Sekund盲rmarkt schaffen, ist dazu aber nicht verpflichtet.
- Kredit- & Bail-in-Risiko. Die Notes sind ungesicherte, nicht nachrangige Forderungen gegen眉ber Barclays Bank PLC und k枚nnen gem盲脽 der britischen Bail-in-Befugnis abgeschrieben oder umgewandelt werden.
- Steuern. Barclays beabsichtigt, die Notes als bedingte Schuldinstrumente zu behandeln; US-Investoren m眉ssen j盲hrlich zu versteuernde Zinsen ansetzen, auch wenn vor F盲lligkeit keine Barauszahlung erfolgt.
- Risikohinweise. Keine regelm盲脽igen Kupons; maximaler Gewinn auf 60% begrenzt; Wert kann vor F盲lligkeit schwanken; Sekund盲rmarktpreis wahrscheinlich unter dem Ausgabepreis; Performance h盲ngt von beiden Aktienindizes einzeln ab (kein Korb-Durchschnitt).
Positive
- 100% principal repayment at maturity if Barclays remains solvent, regardless of index performance.
- Upside participation up to 60% on the weaker index offers potential total return of $1,600 per $1,000 note.
- Diversified reference assets (SPX and INDU) cover broad U.S. equity exposure.
Negative
- Upside capped at 60%; gains beyond that are forfeited.
- No interim coupons or dividends; investors receive no cash flows until maturity.
- Issuer credit & U.K. bail-in risk could result in partial or total loss despite index performance.
- Estimated fair value up to 11.3% below issue price, implying negative mark-to-market from day one.
- Illiquidity: unlisted security with discretionary and potentially thin secondary market.
- Tax burden: holders must accrue taxable interest annually even though no cash is received.
Insights
TL;DR: Capital-protected equity-linked note offers 0鈥�60% capped upside, no interim income, and full principal at risk to Barclays credit & bail-in.
The instrument functions as a five-year principal-protected note coupled with a digital equity option on the weaker of the S&P 500 and the Dow. Investors sacrifice dividends and any upside above 60% for downside protection to par. The issuer estimates fair value up to 11.3% below issue price, signalling high distribution costs and negative carry for early sellers. Liquidity is limited because the notes are unlisted and dealer support is discretionary. Credit and regulatory bail-in risk remain material given the unsecured nature. Overall impact is neutral to mildly positive for buyers seeking equity exposure with floor at par, but unattractive for those requiring yield or full upside.
Barclays Bank PLC intende emettere Global Medium-Term Notes, Serie A con scadenza il 5 agosto 2030, collegate al peggiore rendimento tra l'indice S&P 500庐 (SPX) e il Dow Jones Industrial Average庐 (INDU).
- Termini principali. Taglio minimo $1.000; Data di valutazione iniziale 31 luglio 2025; Data di emissione 5 agosto 2025; Data di valutazione finale 31 luglio 2030; Data di scadenza 5 agosto 2030.
- Struttura del pagamento. 鈥� Se il valore finale dell'attivit脿 di riferimento meno performante 猫 鈮� al valore iniziale: pagamento = $1.000 + ($1.000 脳 min[ritorno attivit脿 di riferimento, 60%]). 鈥� Se il valore finale 猫 < valore iniziale: pagamento solo del capitale ($1.000). 鈥� Il valore massimo di rimborso 猫 quindi $1.600 per ogni nota da $1.000 (limite 60%); non vi 猫 partecipazione alle perdite sotto il capitale.
- Valore stimato. I modelli interni di Barclays indicano un valore equo iniziale tra $887,20 e $967,20 per nota, inferiore al prezzo di emissione di $1.000. La differenza riflette commissioni (fino allo 0,925%), costi di copertura e strutturazione.
- Distribuzione e liquidit脿. Le note non saranno quotate in borsa; Barclays Capital Inc. potr脿 creare un mercato secondario ma non 猫 obbligata a farlo.
- Rischio di credito e bail-in. Le note sono crediti non garantiti e non subordinati verso Barclays Bank PLC e possono essere soggetti a riduzione o conversione secondo il potere di bail-in del Regno Unito.
- 贵颈蝉肠补濒颈迟脿. Barclays intende trattare le note come strumenti di debito con pagamento condizionato; gli investitori statunitensi devono tassare gli interessi annualmente anche se non ricevono pagamenti prima della scadenza.
- Rischi principali. Nessuna cedola periodica; rendimento massimo limitato al 60%; valore potenzialmente volatile prima della scadenza; prezzo di mercato secondario probabilmente inferiore al prezzo di emissione; performance dipende da ciascun indice azionario singolarmente (nessuna media di paniere).
Barclays Bank PLC tiene previsto emitir Global Medium-Term Notes, Serie A que vencen el 5 de agosto de 2030 y est谩n vinculadas al rendimiento menor entre el 铆ndice S&P 500庐 (SPX) y el Dow Jones Industrial Average庐 (INDU).
- T茅rminos principales. Denominaci贸n m铆nima $1,000; Fecha de valoraci贸n inicial 31 de julio de 2025; Fecha de emisi贸n 5 de agosto de 2025; Fecha de valoraci贸n final 31 de julio de 2030; Fecha de vencimiento 5 de agosto de 2030.
- Estructura de pago. 鈥� Si el valor final del activo de referencia con menor rendimiento 鈮� valor inicial: Pago = $1,000 + ($1,000 脳 min[Retorno del activo de referencia, 60%]). 鈥� Si el valor final < valor inicial: Pago solo del principal ($1,000). 鈥� El valor m谩ximo de redenci贸n es por tanto $1,600 por cada nota de $1,000 (tope 60%); no hay participaci贸n en p茅rdidas por debajo del principal.
- Valor estimado. Los modelos internos de Barclays indican un valor justo inicial entre $887.20 y $967.20 por nota, inferior al precio de emisi贸n de $1,000. La diferencia refleja comisiones (hasta 0.925%), costos de cobertura y estructuraci贸n.
- Distribuci贸n y liquidez. Las notas no estar谩n listadas en bolsa; Barclays Capital Inc. podr铆a crear un mercado secundario pero no est谩 obligado a hacerlo.
- Riesgo de cr茅dito y bail-in. Las notas son reclamaciones no garantizadas y no subordinadas contra Barclays Bank PLC y est谩n sujetas a posible reducci贸n o conversi贸n bajo el poder de bail-in del Reino Unido.
- Fiscalidad. Barclays tiene la intenci贸n de tratar las notas como instrumentos de deuda con pagos contingentes; los inversores estadounidenses deben acumular intereses imponibles anualmente aunque no reciban efectivo antes del vencimiento.
- Aspectos de riesgo. Sin cupones peri贸dicos; rendimiento m谩ximo limitado al 60%; valor puede ser vol谩til antes del vencimiento; precio en mercado secundario probablemente inferior al precio de emisi贸n; el rendimiento depende de cada 铆ndice burs谩til individualmente (sin promedio de cesta).
Barclays Bank PLC电� 旮�搿滊矊 欷戧赴毂勱秾 鞁滊Μ歃� A毳� 氚滍枆頃� 鞓堨爼鞚措┌, 毵岅赴电� 2030雲� 8鞗� 5鞚�鞚搓碃 S&P 500庐 歆�靾�(SPX)鞕� 雼れ毎 臁挫姢 靷办梾韽夑窢歆�靾樎�(INDU) 欷� 靹彪姤鞚� 臧�鞛� 鞝�臁绊暅 歆�靾橃棎 鞐半彊霅╇媹雼�.
- 欤检殧 臁瓣贝. 斓滌唽 鞎‰┐臧� $1,000; 斓滌磮 韽夑皜鞚� 2025雲� 7鞗� 31鞚�; 氚滍枆鞚� 2025雲� 8鞗� 5鞚�; 斓滌 韽夑皜鞚� 2030雲� 7鞗� 31鞚�; 毵岅赴鞚� 2030雲� 8鞗� 5鞚�.
- 歆�旮� 甑“. 鈥� 斓滌 臧�旃橁皜 旮办 鞛愳偘 齑堦赴 臧�旃� 鞚挫儊鞚� 瓴届毎: 歆�旮夓暋 = $1,000 + ($1,000 脳 min[旮办 鞛愳偘 靾橃澋毳�, 60%]). 鈥� 斓滌 臧�旃橁皜 齑堦赴 臧�旃� 氙鸽鞚� 瓴届毎: 鞗愱笀毵� 歆�旮� ($1,000). 鈥� 斓滊寑 靸來櫂 臧�旃樀鐢 $1,000 雼� $1,600鞚措┌(60% 頃滊弰), 鞗愱笀 鞚错晿 靻愳嫟鞚� 鞐嗢姷雼堧嫟.
- 鞓堨儊 臧�旃�. Barclays 雮措秬 氇嵏鞐� 霐半ゴ氅� 齑堦赴 瓿奠爼 臧�旃樀鐢 雲疙姼雼� $887.20鞐愳劀 $967.20 靷澊搿�, $1,000 氚滍枆臧�氤措嫟 雮姷雼堧嫟. 鞚� 彀澊电� 霐滊煬 靾橃垬耄�(斓滊寑 0.925%), 項れ 氚� 甑“頇� 牍勳毄鞚� 氚橃榿頃╇媹雼�.
- 氚绊彫 氚� 鞙犽彊靹�. 雲疙姼电� 瓯半灅靻岇棎 靸侅灔霅橃 鞎婌溂氅�, Barclays Capital Inc.臧� 2彀� 鞁滌灔鞚� 臁办劚頃� 靾� 鞛堨溂雮� 鞚橂电� 鞐嗢姷雼堧嫟.
- 鞁犾毄 氚� 氩犾澕鞚� 鞙勴棙. 鞚� 雲疙姼电� Barclays Bank PLC鞐� 雽�頃� 氍措嫶氤�, 牍勴泟靾滌渼 毂勱秾鞚措┌ 鞓侁淡鞚� 氩犾澕鞚� 甓岉暅鞐� 霐半澕 臧愳暋 霕惖鐢 鞝勴櫂霅� 靾� 鞛堨姷雼堧嫟.
- 靹戈笀. Barclays电� 鞚� 雲疙姼毳� 臁瓣贝攵� 歆�旮� 攵�毂勳儊頀�鞙茧 旆笁頃� 鞓堨爼鞚措┌, 氙戈淡 韴瀽鞛惖鐢 毵岅赴 鞝� 順勱笀 歆�旮夓澊 鞐嗢柎霃� 毵る厔 瓿检劯 雽�靸� 鞚挫瀽毳� 鞚胳嫕頃挫暭 頃╇媹雼�.
- 鞙勴棙 鞖旍暯. 鞝曣赴 炜犿彴 鞐嗢潓; 靸侅姽 靾橃澋毳� 60% 鞝滍暅; 毵岅赴 鞝� 臧�旃� 氤�霃欖劚 臧�電�; 2彀� 鞁滌灔 臧�瓴╈潃 氚滍枆臧�氤措嫟 雮潉 臧�電レ劚; 靹标臣电� 霊� 欤缄皜歆�靾橂ゼ 臧滊硠鞝侅溂搿� 霐半(氚旍姢旒� 韽夑窢 鞎勲嫎).
Barclays Bank PLC pr茅voit d鈥櫭﹎ettre des Global Medium-Term Notes, S茅rie A arrivant 脿 茅ch茅ance le 5 ao没t 2030, li茅es 脿 la performance la plus faible entre l鈥檌ndice S&P 500庐 (SPX) et le Dow Jones Industrial Average庐 (INDU).
- Conditions principales. Valeur nominale minimale 1 000 $ ; date d鈥櫭﹙aluation initiale 31 juillet 2025 ; date d鈥櫭﹎ission 5 ao没t 2025 ; date d鈥櫭﹙aluation finale 31 juillet 2030 ; date d鈥櫭ヽh茅ance 5 ao没t 2030.
- Structure de paiement. 鈥� Si la valeur finale de l鈥檃ctif de r茅f茅rence le moins performant 鈮� valeur initiale : paiement = 1 000 $ + (1 000 $ 脳 min[performance de l鈥檃ctif de r茅f茅rence, 60 %]). 鈥� Si la valeur finale < valeur initiale : paiement du principal uniquement (1 000 $). 鈥� La valeur maximale de remboursement est donc de 1 600 $ par note de 1 000 $ (plafond de 60 %) ; il n鈥檡 a pas de participation 脿 la baisse en dessous du principal.
- Valeur estim茅e. Les mod猫les internes de Barclays indiquent une juste valeur initiale comprise entre 887,20 $ et 967,20 $ par note, inf茅rieure au prix d鈥櫭﹎ission de 1 000 $. La diff茅rence refl猫te les commissions des interm茅diaires (jusqu鈥櫭� 0,925 %), ainsi que les co没ts de couverture et de structuration.
- Distribution et liquidit茅. Les notes ne seront pas cot茅es en bourse ; Barclays Capital Inc. peut cr茅er un march茅 secondaire mais n鈥檡 est pas oblig茅.
- Risque de cr茅dit et bail-in. Les notes sont des cr茅ances non garanties et non subordonn茅es sur Barclays Bank PLC et peuvent faire l鈥檕bjet d鈥檜ne r茅duction ou conversion en vertu du pouvoir de bail-in britannique.
- 贵颈蝉肠补濒颈迟茅. Barclays entend traiter les notes comme des instruments de dette 脿 paiement conditionnel ; les investisseurs am茅ricains doivent comptabiliser annuellement les int茅r锚ts imposables m锚me en l鈥檃bsence de paiement en esp猫ces avant l鈥櫭ヽh茅ance.
- Points cl茅s de risque. Pas de coupons p茅riodiques ; rendement plafonn茅 脿 60 % ; valeur susceptible d鈥櫭猼re volatile avant l鈥櫭ヽh茅ance ; prix sur le march茅 secondaire probablement inf茅rieur au prix d鈥櫭﹎ission ; performance d茅pend de chaque indice boursier individuellement (pas de moyenne de panier).
Barclays Bank PLC beabsichtigt die Emission von Global Medium-Term Notes, Serie A, die am 5. August 2030 f盲llig werden und an die 蝉肠丑飞盲肠丑蝉迟别 Entwicklung des S&P 500庐 Index (SPX) und des Dow Jones Industrial Average庐 (INDU) gekoppelt sind.
- Hauptbedingungen. Mindestst眉ckelung $1.000; Anfangsbewertungsdatum 31. Juli 2025; Ausgabedatum 5. August 2025; Endbewertungsdatum 31. Juli 2030; F盲lligkeitsdatum 5. August 2030.
- Zahlungsstruktur. 鈥� Liegt der Endwert des schlechter performenden Referenzwerts 鈮� Anfangswert: Zahlung = $1.000 + ($1.000 脳 min[Referenzwert-Rendite, 60%]). 鈥� Liegt der Endwert < Anfangswert: Zahlung nur des Kapitals ($1.000). 鈥� Der maximale R眉ckzahlungsbetrag betr盲gt somit $1.600 pro $1.000-Note (60%-Deckelung); es gibt keine Verlustbeteiligung unterhalb des Kapitals.
- Gesch盲tzter Wert. Barclays interne Modelle zeigen einen anf盲nglichen fairen Wert zwischen $887,20 und $967,20 pro Note, unter dem Ausgabepreis von $1.000. Die Differenz spiegelt H盲ndlerprovisionen (bis zu 0,925%), Absicherungs- und Strukturierungskosten wider.
- Distribution & Liquidit盲t. Die Notes werden nicht an einer B枚rse notiert; Barclays Capital Inc. kann einen Sekund盲rmarkt schaffen, ist dazu aber nicht verpflichtet.
- Kredit- & Bail-in-Risiko. Die Notes sind ungesicherte, nicht nachrangige Forderungen gegen眉ber Barclays Bank PLC und k枚nnen gem盲脽 der britischen Bail-in-Befugnis abgeschrieben oder umgewandelt werden.
- Steuern. Barclays beabsichtigt, die Notes als bedingte Schuldinstrumente zu behandeln; US-Investoren m眉ssen j盲hrlich zu versteuernde Zinsen ansetzen, auch wenn vor F盲lligkeit keine Barauszahlung erfolgt.
- Risikohinweise. Keine regelm盲脽igen Kupons; maximaler Gewinn auf 60% begrenzt; Wert kann vor F盲lligkeit schwanken; Sekund盲rmarktpreis wahrscheinlich unter dem Ausgabepreis; Performance h盲ngt von beiden Aktienindizes einzeln ab (kein Korb-Durchschnitt).
FAQ
What is the maximum return on the Barclays 2030 equity-linked notes?
The maximum payment is $1,600 per $1,000 note, representing a 60 % capped upside.
Do the notes guarantee principal protection?
At maturity investors receive at least $1,000 per note, but only if Barclays Bank PLC does not default or become subject to U.K. bail-in.
How is the payout determined at maturity?
Payment depends on the Reference Asset Return of the worst-performing index; if it is 鈮�0% you receive principal plus up to 60% gain; otherwise only principal.
Will the notes pay periodic interest or dividends?
No. There are no coupons or dividend entitlements; all value is realized at maturity.
Can I sell the notes before 2030?
Barclays Capital Inc. may provide a secondary market but is not obliged; prices will likely be below the $1,000 issue price and could be volatile.
Why is the estimated value below the issue price?
The $887.20鈥�$967.20 fair-value range reflects dealer commissions, hedging costs and Barclays鈥� funding spread.
What tax treatment applies to U.S. investors?
Barclays intends to treat the notes as contingent payment debt instruments; investors must accrue taxable interest annually based on a comparable yield.
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