By Jennifer Chiou
New York, Oct. 30 - Barclays Bank plc priced $5.9 million of 10.25% single observation autocallable reverse convertible notes due Oct. 30, 2014 linked to Tesoro Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called at par if Tesoro shares close at or above the initial share price on Jan. 24, 2014, April 24, 2014 or July 24, 2014.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the 70% protection price, in which case the payout will be a number of Tesoro shares equal to $1,000 divided by the initial share price or, at Barclays' option, a cash amount equal to par minus the percentage decrease in the share price.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Single observation autocallable reverse convertible notes
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Underlying stock: | Tesoro Corp. (NYSE: TSO)
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Amount: | $5.9 million
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Maturity: | Oct. 30, 2014
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Tesoro shares fall below protection price, in which case full exposure to losses
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Call: | At par if share price is equal to or greater than initial share price on a quarterly call date beginning on Jan. 24, 2014
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Initial price: | $47.17
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Protection price: | 70% of initial level
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Pricing date: | Oct. 28
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Settlement date: | Oct. 31
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Agent: | Barclays
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Fees: | 2.75%
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Cusip: | 06741J4T3
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