Published on 2/3/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.86 million Mitts linked to renminbi, rupiah
By Angela McDaniels
Tacoma, Wash., Feb. 3 - Barclays Bank plc priced $5.86 million of 0% Currency Market Index Target-Term Securities due Jan. 29, 2016 linked to the performance of a basket of currencies relative to the dollar, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the Chinese renminbi and the Indonesian rupiah.
If the currencies strengthen relative to the dollar, the exchange rate measure increases.
If the exchange rate measure increases, the payout at maturity will be par of $10 plus 280% of the increase. If the exchange rate measure decreases, investors will have 1-to-1 exposure to the decline, subject to a minimum payout of 90% of par.
BofA Merrill Lynch is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Currency Market Index Target-Term Securities
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Underlying currencies: | Chinese renminbi and Indonesian rupiah, equally weighted
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Amount: | $5,862,880
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Maturity: | Jan. 29, 2016
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If exchange rate measure increases, par plus 280% of increase; if exchange rate measure decreases, 1-to-1 exposure to decline, subject to minimum payout of 90% of par
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Initial exchange rates: | 6.1050 for renminbi and 12,171 for rupiah
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Pricing date: | Jan. 30
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Settlement date: | Feb. 6
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Underwriter: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 06742B808
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