Published on 12/18/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $60,000 more callable contingent coupon notes tied to Prudential
By Marisa Wong
Madison, Wis., Dec. 18 - Barclays Bank plc priced an additional $60,000 of callable contingent coupon notes due March 18, 2015 linked to Prudential Financial, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to $1,288,000. Barclays priced the original $1,228,000 of notes on Sept. 13.
The notes will pay a coupon at an annualized rate of 10% for each quarter that the closing price of Prudential shares is at or above the 74% barrier level on the valuation date for that quarter.
The notes will be callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless Prudential shares finish below the 74% knock-in level, in which case investors will receive par plus the return or, at Barclays' option, a number of Prudential shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable contingent coupon notes
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Underlying stock: | Prudential Financial, Inc. (Symbol: PRU)
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Amount: | $1,288,000 (increased from $1,228,000)
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Maturity: | March 18, 2015
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Coupon: | 10% per year, payable quarterly if closing price of Prudential shares is at or above barrier level on valuation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless Prudential shares finish below knock-in level, in which case par plus return or, at Barclays' option, a number of Prudential shares equal to $1,000 divided by initial share price
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Call option: | At par plus contingent coupon on any interest payment date
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Initial price: | $79.69
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Knock-in/barrier price: | $58.97, 74% of initial price
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Exchange ratio: | 12.54863
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Pricing date: | Sept. 13 for $1,228,000; Dec. 18 for $60,000
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Settlement date: | Sept. 18 for initial notes
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Agent: | Barclays
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Fees: | 1.5%
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Cusip: | 06741J4B2
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