Published on 11/23/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $13.37 million enhanced market-linked step-up notes on Dow industrials
By Jennifer Chiou
New York, Nov. 23 - Barclays Bank plc priced $13.37 million of 0% enhanced market-linked step-up notes due Dec. 1, 2014 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above the step-up value - 129.6% of the initial level - the payout at maturity will be par of $10 plus the index return.
If the index finishes at or above 90% of the initial level but is less than or equal to the step-up value, the payout at maturity will be par of $10 plus the step-up payment of 29.6%.
Investors will be exposed to losses beyond 10%.
Bank of America Merrill Lynch is the agent.
Issuer: | Barclays Bank plc
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Issue: | Enhanced market-linked step-up notes
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Underlying index: | Dow Jones industrial average
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Amount: | $13,371,370
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Maturity: | Dec. 1, 2014
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Coupon: | 0%
|
Price: | Par of $10
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Payout at maturity: | If index finishes above step-up level, par plus index gain; if index finishes at or above 90% of initial level but less than or equal to step-up value, par plus 29.6%; exposure to losses beyond 10%
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Initial level: | 11,493.72
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Step-up value: | 14,895.86, 129.6% of initial level
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Threshold value: | 10,344.35, 90% of starting value
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Pricing date: | Nov. 22
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Settlement date: | Nov. 30
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Agent: | Bank of America Merrill Lynch
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Fees: | 2.25%
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Cusip: | 06741L633
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