Published on 11/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.72 million notes tied to basket of commodity indexes
By Toni Weeks
San Diego, Nov. 28 - Barclays Bank plc priced $1.72 million of 0% notes due Nov. 25, 2015 linked to a basket of 10 commodity indexes, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the S&P GSCI Sugar Index Excess Return, the S&P GSCI Cocoa Index Excess Return, the S&P GSCI Corn Index Excess Return, the S&P GSCI Cotton Index Excess Return, the S&P GSCI Coffee Index Excess Return, the S&P GSCI Gold Index Excess Return, the S&P GSCI Natural Gas Index Excess Return, the S&P GSCI Aluminum Index Excess Return, the S&P GSCI Nickel Index Excess Return and the S&P GSCI Zinc Index Excess Return.
The notes will pay a coupon each year equal to 0.25% plus the greater of (a) the average of the index performances on the applicable coupon observation date and (b) zero.
If an index's return is greater than or equal to zero, its performance will be equal to the return cap of 11.5%. Otherwise its performance will be the greater of the index return and negative 20%.
The payout at maturity will be par plus the final coupon payment.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Notes
|
| Underlying indexes: | S&P GSCI Sugar Index Excess Return, S&P GSCI Cocoa Index Excess Return, S&P GSCI Corn Index Excess Return, S&P GSCI Cotton Index Excess Return, S&P GSCI Coffee Index Excess Return, S&P GSCI Gold Index Excess Return, S&P GSCI Natural Gas Index Excess Return, S&P GSCI Aluminum Index Excess Return, S&P GSCI Nickel Index Excess Return and S&P GSCI Zinc Index Excess Return, all equally weighted
|
| Amount: | $1.72 million
|
| Maturity: | Nov. 25, 2015
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| Coupon: | 0.25% plus greater of (a) average of index performances on applicable coupon observation date and (b) zero; observation dates are Nov. 23, 2012, Nov. 22, 2013, Nov. 24, 2014 and Nov. 20, 2015; index performance will equal 11.5% if its return is greater than or equal to zero or, if its return is less than zero, the greater of its return and negative 20%
|
| Price: | Par
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| Payout at maturity: | Par plus final coupon
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| Initial levels: | 29.72257 for sugar index, 9.48227 for cocoa index, 14.26751 for corn index, 49.09356 for cotton index, 34.91181 for coffee index, 145.80640 for gold index, 0.52895 for natural gas index, 40.08139 for aluminum index, 262.83520 for nickel index and 53.67315 for zinc index
|
| Pricing date: | Nov. 22
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| Settlement date: | Nov. 28
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| Agent: | Barclays Capital Inc.
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| Fees: | 4%
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| Cusip: | 06738KYJ4
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