Published on 2/28/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.01 million callable contingent coupon notes on UPS
By Susanna Moon
Chicago, Feb. 28 - Barclays Bank plc priced $4.01 million of callable contingent coupon notes due Feb. 29, 2016 linked to United Parcel Service, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a coupon at an annualized rate of 5.5% each quarter if UPS shares close at or above 80% the barrier level.
The notes are callable at par plus the contingent coupon on any of the quarterly contingent coupon payment dates.
If the notes are not called, the payout at maturity will be par unless the stock finishes below the knock-in barrier level, in which case investors will receive a number of shares equal to par divided by the initial share price or the cash value of those shares.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying stock: | United Parcel Service, Inc. (NYSE: UPS)
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Amount: | $4,013,000
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Maturity: | Feb. 29, 2016
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Coupon: | 5.5% per year, payable quarterly if closing price of UPS shares is equal to or greater than barrier price; otherwise, no contingent interest payment for that quarter
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Price: | Par
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Payout at maturity: | Par unless final share price is less than knock-in barrier price, in which case 12.204052 UPS shares
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Call option: | At par plus contingent coupon on any quarterly contingent coupon payment date
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Initial price: | $81.94
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Barrier price: | $65.55, 80% of initial price
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Pricing date: | Feb. 26
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Settlement date: | Feb. 28
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Agent: | Barclays
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Fees: | 1.5%
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Cusip: | 06741JWY1
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