Published on 7/8/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $630,000 17.5% autocallable yield notes tied to Russell, two funds
By Susanna Moon
Chicago, July 8 - Barclays Bank plc priced $630,000 of 17.5% autocallable yield notes due July 11, 2012 linked to the Russell 2000 index, United States Oil Fund, LP 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 above its initial level on Oct. 11, Jan. 11, 2012 or April 11, 2012.
The payout at maturity will be par unless any underlying component falls below its knock-in barrier - 70% of its initial level - during the life of the notes, in which 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
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Issue: | Autocallable yield notes
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Underlying components: | Russell 2000 index, United States Oil Fund, LP and the United States Natural Gas Fund, LP
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Amount: | $630,000
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Maturity: | July 11, 2012
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Coupon: | 17.5%, payable monthly
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Price: | Par
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Payout at maturity: | If any underlying component ever falls below knock-in barrier, par plus return of worst-performing underlying component, up to maximum payout of par; otherwise, par
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Call: | At par if each underlying component closes above initial levels on Oct. 11, Jan. 11, 2012 or April 11, 2012
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Initial levels: | 845.23 for Russell, $37.89 for oil fund and $10.65 for gas fund
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Knock-in barriers: | 591.66 for Russell, $26.52 for oil fund and $7.46 for gas fund; 70% of initial levels
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Pricing date: | July 6
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Settlement date: | July 11
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Agent: | Barclays Capital Inc.
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Fees: | None
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Cusip: | 06738KNG2
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