By Toni Weeks
San Diego, Oct. 27 - Barclays Bank plc priced $30 million of contingent income autocallable securities due Oct. 31, 2012 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
If General Electric stock closes above the downside threshold level - 70% of the initial share price - on a quarterly determination date, investors will receive a contingent payment of $0.3625 for each $10.00 note. Otherwise, no contingent payment will be made for that period.
If the closing share price is greater than the initial share price on any of the first three quarterly determination dates, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent payment. If the final share price is less than the downside threshold level, the payout will be a number of General Electric shares equal to the principal amount of notes divided by the initial share price or, at the issuer's option, the cash value of those shares.
Barclays Capital Inc. is the agent with Morgan Stanley Smith Barney LLC as dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | General Electric Co. (Symbol: GE)
|
| Amount: | $29,997,540
|
| Maturity: | Oct. 31, 2012
|
| Coupon: | 3.625% if closing price is at least 70% of initial price on quarterly determination date; otherwise, none
|
| Price: | Par
|
| Payout at maturity: | If final share price is at least 70% of initial, par plus contingent quarterly payment; otherwise, number of General Electric shares equal to principal amount of notes divided by initial share price, or, at the issuer's option, equivalent cash amount of those shares
|
| Initial price: | $16.22
|
| Threshold level: | $11.36, 70% of initial share price
|
| Call option: | Par plus contingent payment if closing share price greater than initial share price on first three quarterly determination dates
|
| Pricing date: | Oct. 25
|
| Settlement date: | Oct. 28
|
| Agent: | Barclays Capital Inc., with Morgan Stanley Smith Barney LLC as dealer
|
| Fees: | 1.5%
|
| Cusip: | 06741L781
|
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