Barclays delays pricing notes on crude oil, offshore Chinese renminbi

By Susanna Moon

Chicago, Feb. 25 - Barclays Bank plc pushed back pricing the 0% notes linked to Brent crude oil and the offshore Chinese renminbi, according to an FWP filing with the Securities and Exchange Commission.

The notes will now price on March 1 and settle on March 6, with maturity set for March 12, 2014. The notes were originally expected to price Feb. 22, settle Feb. 27 and mature on March 5, 2014.

If the Brent crude return is greater than or equal to negative 25%, the payout at maturity will be par plus the contingent digital amount, if applicable. Otherwise, investors will receive par plus the contingent digital amount, if applicable, minus 1% for each 1% that the Brent crude price declines beyond 25%.

The contingent digital amount is 20.55%. Investors will receive it if the offshore Chinese renminbi appreciates relative to the dollar or remains flat at maturity. The final exchange rate will be the average of the exchange rates on the 10 trading days ending Feb. 28, 2014.

Barclays is the underwriter with J.P. Morgan Securities LLC as placement agent.

The Cusip number is 06741TPK7.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.