Published on 9/28/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.43 million coupon barrier notes linked to crude oil
By Angela McDaniels
Tacoma, Wash., Sept. 28 - Barclays Bank plc priced $1.43 million of coupon barrier notes due Oct. 7, 2013 linked to Brent crude oil, according to a 424B2 filing with the Securities and Exchange Commission.
There are four quarterly observation dates. If the settlement price of oil on an observation date is greater than or equal to the trigger price, which is 85% of the initial oil price, then investors will receive a contingent coupon that quarter equal to $39.40 per $1,000 principal amount of notes.
If the settlement price on any observation date is greater than or equal to the initial price, then the notes will be called at par plus the contingent coupon.
If the notes are not called and the final price is greater than or equal to the trigger price, then the payout at maturity will be par plus the contingent coupon. If the final price is less than the trigger price, investors will be fully exposed to the decline.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Coupon barrier notes
|
| Underlying commodity: | Brent crude oil
|
| Amount: | $1,432,000
|
| Maturity: | Oct. 7, 2013
|
| Coupon: | $39.40 per note if settlement price of oil is greater than or equal to trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if final price is greater than or equal to trigger price; otherwise, full exposure to oil's decline
|
| Call: | Automatically at par plus contingent coupon if settlement price is greater than or equal to initial price on Dec. 26, 2012, March 26, 2013, June 26, 2013 or Oct. 2, 2013
|
| Initial price: | $110.04
|
| Trigger price: | $95.53, 85% of initial price
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 1
|
| Agent: | Barclays
|
| Fees: | 1%
|
| Cusip: | 06741THD2
|
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