By Toni Weeks
San Luis Obispo, Calif., April 30 - Barclays Bank plc priced $1 million of 0% autocallable quarterly review notes due May 14, 2014 linked to palladium, according to a 424B2 filing with the Securities and Exchange Commission.
On any quarterly review date, if the settlement price of palladium is greater than or equal to the initial palladium price, the notes will be automatically called at par plus a call premium, which is 1.6875% for the first review date, 3.375% for the second review date, 5.0625% for the third review date and 6.75% for the last review date.
If the palladium return is greater than or equal to negative 35%, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final price is less than the initial price.
For both the autocall feature and the payout at maturity, the settlement price of palladium will be averaged over five days.
Barclays is the underwriter with J.P. Morgan Securities LLC as dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Quarterly review notes
|
| Underlying commodity: | Palladium
|
| Amount: | $1 million
|
| Maturity: | May 14, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par if final price is at least 65% of initial price; otherwise, full exposure to losses
|
| Call: | Automatically at par plus premium if palladium price is at or above initial price on any quarterly review date; premium is 1.6875% for first review date, 3.375% for second review date, 5.0625% for third review date and 6.75% for last review date
|
| Initial price: | $681.00
|
| Settlement price: | For both autocall feature and payout at maturity, settlement price is averaged over five days
|
| Pricing date: | April 26
|
| Settlement date: | May 1
|
| Underwriter: | Barclays with J.P. Morgan Securities LLC as dealer
|
| Fees: | 1%
|
| Cusip: | 06741TTR8
|
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