Published on 7/20/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $600,000 10.1% autocallable yield notes linked to ETF, two indexes
By Angela McDaniels
Tacoma, Wash., July 20 - Barclays Bank plc priced $600,000 of autocallable yield notes due Jan. 23, 2012 linked to the S&P 500 index, the Russell 2000 index and the SPDR S&P Metals & Mining exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry a coupon of 10.1% per year. Interest is payable monthly.
The notes will be called at par if each underlying component closes above its initial level on Sept. 15 or Nov. 15.
The payout at maturity will be par unless any underlying component closes below its knock-in barrier - 75% of its initial level - during the life of the notes, in which case the payout will be par plus the return of the worst-performing underlying component, subject to a maximum payout of par.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable yield notes
|
| Underlying components: | S&P 500 index, Russell 2000 index, SPDR S&P Metals & Mining ETF
|
| Amount: | $600,000
|
| Maturity: | Jan. 23, 2012
|
| Coupon: | 10.1%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If any underlying component ever closes below knock-in barrier, par plus return of worst-performing underlying component, subject to maximum payout of par; otherwise, par
|
| Call: | Automatically at par if all three underlying components close above initial levels on Sept. 15 or Nov. 15
|
| Initial levels: | 1,305.44 for S&P 500, 815.97 for Russell 2000 and $69.29 for ETF
|
| Knock-in barriers: | 979.08 for S&P 500, 611.98 for Russell 2000 and $51.97 for ETF; 75% of initial levels
|
| Pricing date: | July 18
|
| Settlement date: | July 21
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.5%
|
| Cusip: | 06738KNA5
|
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