Published on 4/9/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.1 million 8.6% airbag yield optimization notes tied to Micron
By Jennifer Chiou
New York, April 9 - Barclays Bank plc priced $1.1 million of 8.6% annualized airbag yield optimization notes due Oct. 11, 2013 linked to Micron Technology, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the stock finishes below the 70% conversion level, in which case the payout will be a number of Micron shares equal to $1,000 divided by the conversion price.
UBS Financial Services Inc. and Barclays are the underwriters.
Issuer: | Barclays Bank plc
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Issue: | Airbag yield optimization notes
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Underlying stock: | Micron Technology, Inc. (Nasdaq: MU)
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Amount: | $1,104,000
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Maturity: | Oct. 11, 2013
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Coupon: | 8.6%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, number of Micron shares equal to $1,000 divided by conversion price; otherwise, par
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Initial share price: | $3.34
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Conversion price: | $2.34, 70% of initial share price
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Pricing date: | April 5
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Settlement date: | April 10
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Underwriters: | UBS Financial Services Inc. and Barclays
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Fees: | 1%
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Cusip: | 06742C467
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