By Toni Weeks
San Diego, Dec. 11 - Barclays Bank plc priced $996,470 of 0% trigger phoenix autocallable optimization securities due Dec. 13, 2017 linked to the common stock of Cummins Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Cummins shares close at or above the trigger price - 65% of the initial share price - on any monthly observation date, the issuer will pay a contingent coupon of 10%. Otherwise, no coupon will be paid for that month.
If the stock closes at or above the initial price on any monthly observation date after one year, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and the shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Investors will be exposed to any losses.
Barclays and UBS Financial Services Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable optimization securities
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| Underlying stock: | Cummins Inc. (NYSE: CMI)
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| Amount: | $996,470
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| Maturity: | Dec. 13, 2017
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| Coupon: | 10% per year, payable monthly, if stock closes at or above trigger price on observation date for that month
|
| Price: | Par
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| Payout at maturity: | If notes are not called and shares finish at or above trigger price, par plus contingent coupon; otherwise, full exposure to decline in share price
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| Initial price: | $101.69
|
| Trigger price: | $66.10, 65% of initial price
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| Call option: | At par plus contingent coupon if share price at or above initial price on any monthly observation date beginning Jan. 7, 2013
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| Pricing date: | Dec. 7
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| Settlement date: | Dec. 13
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| Underwriters: | Barclays and UBS Financial Services Inc.
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| Fees: | 2.5%
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| Cusip: | 06742A362
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