Published on 12/13/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 callable contingent coupon notes linked to Deutsche Bank
By Toni Weeks
San Luis Obispo, Calif., Dec. 13 - Barclays Bank plc priced $500,000 of callable contingent coupon notes due Dec. 16, 2015 linked to the ordinary shares of Deutsche Bank AG, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if Deutsche Bank shares close at or above the 70% barrier level on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date after one year.
If the notes are not called and the final share price is greater than or equal to the 70% barrier price, the payout at maturity will be par.
Otherwise, investors will be exposed to any losses or, at Barclays' option, they will receive a number of Deutsche Bank shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Deutsche Bank AG (Symbol: DB)
|
| Amount: | $500,000
|
| Maturity: | Dec. 16, 2015
|
| Coupon: | 10% per year, payable quarterly if Deutsche Bank shares close at or above barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if final share price is greater than or equal to barrier price; otherwise, exposure to share price decline or, at Barclays' option, 21.76752 Deutsche Bank shares
|
| Call option: | At par plus contingent coupon, if any, on any interest payment date from March 11, 2014 onward
|
| Initial share price: | $45.94
|
| Barrier price: | $32.16, 70% of initial share price
|
| Pricing date: | Dec. 11
|
| Settlement date: | Dec. 16
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741J5Q8
|
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