New Issue: Barclays prices $3.53 million digital step-up notes linked to crude oil

By Susanna Moon

Chicago, June 20 – Barclays Bank plc priced $3.53 million of 0% digital step-up notes due Dec. 24, 2015 linked to futures contracts on West Texas Intermediate light sweet crude oil, according to a 424B2 filing with the Securities and Exchange Commission.

If the price of crude finishes at or above the upper barrier, which was set at the initial price, the payout at maturity will be par plus the maximum return of 25%.

If crude falls by up to the lower barrier, or 85% of the initial price, the payout will be par plus the digital return of 12%.

Otherwise, investors will be fully exposed to any losses.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Digital step-up notes
Underlying commodity:	West Texas Intermediate light sweet crude oil
Amount:	$3,525,000
Maturity:	Dec. 24, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If crude gains, par plus 25%; if crude falls by up 15%, par plus 12%; otherwise, full exposure to any losses
Initial oil price:	$106.43
Upper barrier price:	100% of initial price
Lower barrier price:	85% of initial price
Pricing date:	June 19
Settlement date:	June 24
Underwriter:	Barclays
Fees:	1.5%
Cusip:	06741UFE9

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