By Toni Weeks
San Diego, Nov. 1 - Barclays Bank plc priced $25 million of 5.7% annualized Yield Enhanced Equity Linked Debt Securities due May 4, 2012 linked to Lear Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Each note has a face value of $46.96, which is the average execution price per share for the common stock that an affiliate of Barclays paid to hedge the issuer's obligations under the notes.
The payout at maturity will be the lesser of the volume-weighted average price of Lear shares on the valuation date of April 27, 2012 and the equity cap price - 125% of the initial value - and is payable in cash or Lear stock at the issuer's option.
The final price of Lear stock will be adjusted if the actual aggregate dividend and the expected aggregate dividend on that day differ. Lear is expected to pay a dividend of $0.125 per share on Nov. 30 and Feb. 29, 2012.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Yield Enhanced Equity Linked Debt Securities
|
| Underlying stock: | Lear Corp. (NYSE: LEA)
|
| Amount: | $25,000,001.28
|
| Maturity: | May 4, 2012
|
| Coupon: | 5.7%, payable monthly
|
| Price: | Par of $46.96
|
| Payout at maturity: | Lesser of VWAP of Lear stock on April 27, 2012 and equity cap price, payable in cash or stock
|
| Initial share price: | $46.96
|
| Equity cap price: | $58.70, 125% of the initial value
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 4
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Cusip: | 06741L617
|
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