Published on 7/12/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.09 million trigger phoenix autocallables on Lowe's
By Susanna Moon
Chicago, July 12 - Barclays Bank plc priced $4.09 million of trigger phoenix autocallable optimization securities due July 13, 2012 linked to Lowe's Cos., Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Lowe's stock closes at or above the trigger price - 80% of the initial share price - on a quarterly observation date, the issuer will pay a contingent coupon of 11.27%.
If the stock closes at or above the initial price on any observation date, the notes will be called at par of $10 plus the contingent coupon.
The payout at maturity will be par if the notes are not called and Lowe's shares finish at or above the trigger price.
If the shares finish below the trigger price, investors will be fully exposed to the decline.
UBS Financial Services Inc. and Barclays Capital Inc. are the underwriters.
| Issuer: | Barclays Bank plc
|
| Issue: | Trigger phoenix autocallable optimization securities
|
| Underlying stock: | Lowe's Cos., Inc. (NYSE: LOW)
|
| Amount: | $4,086,360
|
| Maturity: | July 13, 2012
|
| Coupon: | 11.27% if Lowe's stock closes at or above the trigger price on Oct. 11, Jan. 9, 2012, April 9, 2012 and July 9, 2012
|
| Price: | Par of $10
|
| Payout at maturity: | If Lowe's shares finish at or above the trigger price, par; otherwise, exposure to losses
|
| Call option: | At par plus contingent coupon if share price is at or above initial price on any quarterly observation date
|
| Initial share price: | $23.61
|
| Trigger price: | $18.89, or 80% of initial share price
|
| Pricing date: | July 8
|
| Settlement date: | July 13
|
| Underwriters: | UBS Financial Services Inc. and Barclays Capital Inc.
|
| Fees: | 1.5%
|
| Cusip: | 06741K122
|
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