Published on 8/30/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.88 million absolute return barrier notes linked to Brent crude
By Susanna Moon
Chicago, Aug. 30 - Barclays Bank plc priced $4.88 million of 0% absolute return barrier notes due Sept. 4, 2014 linked to the price of Brent crude futures, according to a 424B2 with the Securities and Exchange Commission.
A knock-in event occurs if the price of Brent crude ever closes at or below the 65.7% barrier level during the life of the notes.
If a knock-in event never occurs, the payout at maturity will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to any losses.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Absolute return barrier notes
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Underlying commodity: | Brent crude futures
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Amount: | $4,875,000
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Maturity: | Sept. 4, 2014
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If Brent crude falls but always closes above barrier level, par plus absolute value of return; otherwise, full exposure to losses
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Initial index level: | $112.54
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Barrier level: | $73.94, 65.7% of initial index level
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Pricing date: | Aug. 29
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Settlement date: | Aug. 31
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Underwriter: | Barclays
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Fees: | 1.75%
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Cusip: | 06741TFB8
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