Published on 7/19/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.39 million callable contingent coupon notes linked to Gold Miners ETF
By Angela McDaniels
Tacoma, Wash., July 19 - Barclays Bank plc priced $5.39 million of callable contingent coupon notes due July 22, 2015 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a 3.5% coupon (equivalent to 14% per year) if the ETF's closing share price 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 any interest 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 lose 1% for every 1% that the final share price is less than the initial share price or, at Barclays' option, they will receive a number of ETF 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 ETF: | Market Vectors Gold Miners ETF
|
| Amount: | $5,387,000
|
| Maturity: | July 22, 2015
|
| Coupon: | 14% per year, payable quarterly if ETF's 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, 40.16064 ETF shares
|
| Call option: | At par plus contingent coupon, if any, on any interest payment date
|
| Initial share price: | $24.90
|
| Barrier price: | $16.43, 66% of initial share price
|
| Pricing date: | July 17
|
| Settlement date: | July 22
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741J3K3
|
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