By Angela McDaniels
Tacoma, Wash., June 30 – Barclays Bank plc priced $3.6 million of callable contingent coupon notes due June 30, 2016 linked to the common stock of Barrick Gold Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a coupon of 2.4125% (equivalent to 9.65% per year) if the closing price of Barrick Gold shares is greater than or equal to the barrier price, 75% of the initial share price, on the observation date for that quarter.
The notes are callable on any coupon payment date at par.
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. If the final share price is less than the barrier price, investors will receive a number of Barrick Gold shares equal to $1,000 divided by the initial share price or, at Barclays’ option, an amount in cash equal to the value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Barrick Gold Corp. (Symbol: ABX)
|
| Amount: | $3.6 million
|
| Maturity: | June 30, 2016
|
| Coupon: | 2.4125% per quarter (equivalent to 9.65% per year) if Barrick Gold shares close at or above barrier price on observation date for that quarter
|
| Payout at maturity: | Par if final share price is greater than or equal to barrier price; otherwise, 56.27462 Barrick Gold shares or, at Barclays’ option, amount in cash equal to value of those shares
|
| Initial share price: | $17.77
|
| Barrier price: | $12.44, 70% of initial share price
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| Pricing date: | June 25
|
| Settlement date: | June 30
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741JT74
|
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