Published on 6/26/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.46 million callable contingent coupon notes linked to Intel stock
By Toni Weeks
San Luis Obispo, Calif., June 26 - Barclays Bank plc priced $2.46 million of callable contingent coupon notes due June 29, 2015 linked to the common stock of Intel Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon of 2.1875% (equivalent to 8.75% per year) if the closing price of Intel shares is greater than or equal to the barrier price, 75% of the initial share price, on the valuation date for that quarter. Otherwise, holders will not receive a contingent coupon for that quarter.
The notes will be 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 lose 1% for every 1% that the final share price is below the initial share price or, at Barclays' option, receive a number of Intel 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: | Intel Corp. (Symbol: INTC)
|
| Amount: | $2,461,000
|
| Maturity: | June 29, 2015
|
| Coupon: | 8.75% per year, payable quarterly if Intel 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, exposure to share price decline or, at Barclays' option, 42.44482 Intel shares
|
| Call option: | At par plus contingent coupon, if any, on any interest payment date
|
| Initial share price: | $23.56
|
| Barrier price: | $17.67, 75% of initial share price
|
| Pricing date: | June 24
|
| Settlement date: | June 27
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06741J2L2
|
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