By Jennifer Chiou
New York, Feb. 6 - Barclays Bank plc priced $50 million of Asian and Gulf currency revaluation notes due Feb. 4, 2038, according to a 424B2 filing with the Securities and Exchange Commission.
The return on the securities is linked to the performance of the reference strategy, which is designed to provide investors with exposure to local currencies in specified Middle Eastern and Asian markets through short-term, liquid and diversified instruments.
The currencies include the Chinese yuan, the Hong Kong dollar, the Saudi Arabia riyal, the Singapore dollar and the United Arab Emirates dirham, all against the U.S. dollar.
On each monthly coupon payment date, investors will receive an amount equal to the difference between the return on the reference strategy and the return based on exchange rate movements and local deposit rates. It will be paid based on the value of the reference strategy for the previous month less the previous coupon payment.
The payout at maturity will be equal to par of $50 plus the reference strategy value minus the investor fee of 0.89% per year.
The securities are redeemable at the option of the holder at any time, with a minimum amount of at least 50,000 securities.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Asian and Gulf currency revaluation notes
|
| Underlying currencies: | Chinese yuan, Hong Kong dollar, Saudi Arabia riyal, Singapore dollar and United Arab Emirates dirham, all against the U.S. dollar
|
| Amount: | $50 million
|
| Maturity: | Feb. 4, 2038
|
| Coupon: | Equal to the difference between the return on the reference strategy and the return based on exchange rate movements and local deposit rates; will be paid monthly based on the value of the reference strategy for the previous month less the previous coupon payment
|
| Price: | Par of $50
|
| Payout at maturity: | Par of $50 plus the reference strategy value minus the investor fee of 0.89% per year
|
| Put: | At any time with payout determined in same way as payout at maturity; minimum redemption requirement of 50,000 notes
|
| Inception date: | Feb. 5
|
| Pricing date: | Feb. 5
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
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