Published on 5/18/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10.25% autocallable yield notes on Russell 2000, gas fund
By Jennifer Chiou
New York, May 18 - Barclays Bank plc priced $1.5 million of 10.25% autocallable yield notes due May 18, 2012 linked to the Russell 2000 index and the United States Natural Gas Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each underlying component closes at or above its initial level on the fourth business day prior to Aug. 19, Nov. 19 or Feb. 19, 2012.
If the notes are not called, the payout at maturity will be par unless either underlying component closes below 70% of its initial level during the life of the notes. In that case, the payout will be par plus the return of the worst-performing underlying component, subject to a maximum payout of par.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable yield notes
|
| Underlying components: | Russell 2000 index and United States Natural Gas Fund, LP
|
| Amount: | $1.5 million
|
| Maturity: | May 18, 2012
|
| Coupon: | 10.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If either underlying component ever falls below knock-in barrier, par plus return of worst-performing underlying component, subject to maximum payout of par; otherwise, par
|
| Call: | At par if both underlying components close at or above initial levels on the fourth business day prior to Aug. 19, Nov. 19 or Feb. 19, 2012
|
| Initial levels: | 822.91 for index and $11.12 for fund
|
| Knock-in barriers: | 576.04 for index and $7.78 for fund; 70% of initial levels
|
| Pricing date: | May 16
|
| Settlement date: | May 19
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.25%
|
| Cusip: | 06738KKH3
|
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