Published on 5/17/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.34 million buffered return enhanced notes tied to currency basket
By Toni Weeks
San Diego, May 17 - Barclays Bank plc priced $5.34 million of 0% buffered return enhanced notes due Nov. 16, 2012 linked to the performance of a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
The equally weighted basket components are the Mexican peso, the Turkish lira and the Indonesian rupiah.
The payout at maturity will be par plus 1.95 times any gain in the basket. Investors will receive par if the basket falls by up to 10% and will lose 1.1111% for every 1% decline in the basket beyond 10%.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered return enhanced notes
|
| Underlying currencies: | Mexican peso, Turkish lira and Indonesian rupiah, equally weighted
|
| Amount: | $5.34 million
|
| Maturity: | Nov. 16, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 1.95 times any gain in the basket; par if basket falls by up to 10%; 1.1111% loss for every 1% decline beyond 10%
|
| Initial exchange rates: | 11.70585 for peso, 1.58207 for lira, 8,555 for rupiah
|
| Pricing date: | May 13
|
| Settlement date: | May 18
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 06738KKC4
|
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