By Susanna Moon
Chicago, Sept. 27 - Barclays Bank plc priced $3.41 million of callable contingent coupon notes due Sept. 30, 2015 linked to Tesoro Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12% if Tesoro shares close at or above the 60% barrier level on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date.
If the notes are not called and Tesoro stock finishes at or above the barrier price, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline or, at Barclays' option, they will receive a number of Tesoro shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Tesoro Corp. (Symbol: TSO)
|
| Amount: | $3.41 million
|
| Maturity: | Sept. 30, 2015
|
| Coupon: | 12% per year, payable quarterly if Tesoro shares close at or above barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if stock finishes at or above barrier price; otherwise, full exposure to any losses or, at Barclays' option, 21.99252 Tesoro shares
|
| Call option: | At par plus contingent coupon on any interest payment date
|
| Initial share price: | $45.47
|
| Barrier price: | $27.28, 60% of initial share price
|
| Pricing date: | Sept. 25
|
| Settlement date: | Sept. 30
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741J4L0
|
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