Published on 8/28/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $775,000 digital step-up notes linked to Polish zloty
By Angela McDaniels
Tacoma, Wash., Aug. 28 - Barclays Bank plc priced $775,000 of digital step-up notes due Sept. 10, 2014 linked to the Polish zloty, according to a 424B2 filing with the Securities and Exchange Commission.
The currency return will be positive if the zloty strengthens relative to the dollar.
If the currency return is more than 5%, the payout at maturity will be par plus 16.35%.
If the currency return is zero to 5%, inclusive, the payout will be par plus 5%.
If the currency return is less than zero and greater than or equal to negative 15%, the payout will be par.
If the currency return is less than negative 15%, the payout will be par plus the product of $1,000 multiplied by the currency return.
Barclays is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as agents.
Issuer: | Barclays Bank plc
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Issue: | Digital step-up notes
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Underlying currency: | Polish zloty, measured relative to dollar
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Amount: | $775,000
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Maturity: | Sept. 10, 2014
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If currency return is more than 5%, par plus 16.35%; if currency return is zero to 5%, inclusive, par plus 5%; if currency return is less than zero and greater than or equal to negative 15%, par; if currency return is less than negative 15%, par plus product of $1,000 multiplied by currency return
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Initial exchange rate: | 3.1691 zloty per dollar
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Final exchange rate: | Average of exchange rates on Aug. 29, 2014, Sept. 2, 2014, Sept. 3, 2014, Sept. 4, 2014, Sept. 5, 2014
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Pricing date: | Aug. 23
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Settlement date: | Aug. 28
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Underwriter: | Barclays
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Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 06741TF44
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