Published on 8/10/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.9 million 10.25% autocallable yield notes on S&P 500, two funds
By Marisa Wong
Madison, Wis., Aug. 10 - Barclays Bank plc priced $2.9 million of 10.25% autocallable yield notes due Feb. 13, 2012 linked to the S&P 500 index, United States Oil Fund, LP and the United States Natural Gas Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if each underlying component closes above its initial level on either of two call valuation dates, which fall on the fourth business day preceding Oct. 11 and the fourth business day preceding Dec. 11.
The payout at maturity will be par unless any underlying component falls below its knock-in barrier - 72% of its initial level - during the life of the notes, in which case the payout will be par plus the return of the worst-performing underlying component, subject to a maximum payout of par.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable yield notes
|
| Underlying components: | S&P 500 index, United States Oil Fund, LP and the United States Natural Gas Fund, LP
|
| Amount: | $2.9 million
|
| Maturity: | Feb. 13, 2012
|
| Coupon: | 10.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If any underlying component ever falls below knock-in barrier, par plus return of worst-performing underlying component, up to maximum payout of par; otherwise, par
|
| Call: | At par if each underlying component closes above initial levels on call valuation date in October or December
|
| Initial levels: | 1,119.46 for index, $31.51 for oil fund and $9.98 for gas fund
|
| Knock-in barriers: | 806.01 for index, $22.69 for oil fund and $7.19 for gas fund; 72% of initial levels
|
| Pricing date: | Aug. 8
|
| Settlement date: | Aug. 11
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.75%
|
| Cusip: | 06738KRP8
|
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