Published on 4/26/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.68 million callable contingent coupon notes on HollyFrontier
By Marisa Wong
Madison, Wis., April 26 - Barclays Bank plc priced $1.68 million of callable contingent coupon notes due April 29, 2015 linked to the common stock of HollyFrontier Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a 2.75% coupon (equivalent to 11% per year) if the closing price of HollyFrontier shares is greater than or equal to the barrier price, 65% of the initial share price, on the valuation date for that quarter. Otherwise, holders will not receive a contingent interest payment for that quarter.
The notes are callable at par plus the contingent coupon, if any, on any interest payment date.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. Otherwise, investors will receive par minus the share price decline or, at Barclays' option, a number of HollyFrontier 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: | HollyFrontier Corp. (Symbol: HFC)
|
| Amount: | $1,675,000
|
| Maturity: | April 29, 2015
|
| Coupon: | 11% per year, payable quarterly if HollyFrontier 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, par minus share price decline or, at Barclays' option, 19.21599 HollyFrontier shares
|
| Call option: | At par plus contingent coupon, if any, on any interest payment date after one year
|
| Initial share price: | $52.04
|
| Barrier price: | $33.83, 65% of initial share price
|
| Pricing date: | April 24
|
| Settlement date: | April 29
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741JZJ1
|
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