Published on 2/26/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.32 million 12.55% airbag notes linked to Vertex Pharmaceuticals
By Susanna Moon
Chicago, Feb. 26 - Barclays Bank plc priced $1.74 million of 12.55% annualized airbag yield optimization notes due Aug. 28, 2013 linked to Vertex Pharmaceuticals, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Vertex Pharmaceuticals shares equal to $1,000 divided by the conversion price. The conversion price is 75% of the initial share price.
UBS Financial Services Inc. and Barclays are the underwriters.
Issuer: | Barclays Bank plc
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Issue: | Airbag yield optimization notes
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Underlying stock: | Vertex Pharmaceuticals, Inc. (Nasdaq: VRTX)
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Amount: | $7,319,000
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Maturity: | Aug. 28, 2013
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Coupon: | 12.55%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, number of Vertex Pharmaceuticals shares equal to $1,000 divided by conversion price; otherwise, par
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Initial share price: | $45.91
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Conversion price: | $34.43, 75% of initial share price
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Pricing date: | Feb. 22
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Settlement date: | Feb. 28
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Underwriters: | UBS Financial Services Inc. and Barclays
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Fees: | 1%
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Cusip: | 06742C756
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