By Marisa Wong
Madison, Wis., Dec. 27 - Barclays Bank plc priced $2.05 million of callable contingent coupon notes due Dec. 26, 2014 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay an annualized coupon of 10% each quarter if the closing price of Apple shares is equal to or greater than the barrier price, 62.5% of the initial share price. Otherwise, holders will not receive the contingent interest payment for that quarter.
The notes are callable at par plus the contingent coupon on any of the quarterly contingent coupon payment dates.
If the notes are not called, the payout at maturity will be par if the final share price is greater than or equal to barrier price. If the final share price is less than the barrier price, investors will receive a number of shares equal to the principal amount of notes divided by the initial share price or the cash value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
|
| Amount: | $2.05 million
|
| Maturity: | Dec. 26, 2014
|
| Coupon: | 10% per year, payable quarterly if closing price of Apple shares is equal to or greater than barrier price; otherwise, no contingent interest payment for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless final share price is less than barrier price, in which case 1.925558 Apple shares or cash value of those shares
|
| Call option: | At par plus contingent coupon on any quarterly contingent coupon payment date
|
| Initial price: | $519.33
|
| Barrier price: | $324.58, 62.5% of initial price
|
| Pricing date: | Dec. 21
|
| Settlement date: | Dec. 27
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741JWB1
|
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