Published on 4/29/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $8.83 million 11.8% trigger yield optimization notes on McDermott
By Marisa Wong
Madison, Wis., April 29 - Barclays Bank plc priced $8.83 million of 11.8% annualized trigger yield optimization notes due Oct. 31, 2011 linked to the common stock of McDermott International, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The face amount of each note is equal to $23.43, the initial price of McDermott stock.
Interest will be payable monthly.
The payout at maturity will be par unless the final price of McDermott stock is less than 80% of the initial share price, in which case investors will receive one McDermott share per note.
UBS Financial Services Inc. and Barclays Capital Inc. are the agents.
Issuer: | Barclays Bank plc
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Issue: | Trigger yield optimization notes
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Underlying stock: | McDermott International, Inc. (NYSE: MDR)
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Amount: | $8,827,205.64
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Maturity: | Oct. 31, 2011
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Coupon: | 11.8%, payable monthly
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Price: | Par of $23.43
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Payout at maturity: | If final price of McDermott stock is less than 80% of initial price, one McDermott share per note; otherwise, par
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Initial price: | $23.43
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Trigger price: | $18.74, 80% of initial price
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Pricing date: | April 27
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Settlement date: | April 29
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Agents: | Barclays Capital Inc. and UBS Financial Services Inc.
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Fees: | 1%
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Cusip: | 06741K650
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