By Toni Weeks
San Luis Obispo, Calif., Jan. 13 – Barclays Bank plc priced $1 million of 10.6% callable yield notes due Jan. 19, 2016 linked to United Rentals, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par on any interest payment date beginning July 16, 2015.
A knock-in event occurs if the stock closes below the knock-in level, 55% of the initial level, during the life of the notes.
The payout at maturity will be par unless the stock finishes below the initial price and a knock-in event has occurred, in which case the payout will be par plus the return with exposure to any losses or, at the issuer’s option, a number of shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable yield notes
|
| Underlying stock: | United Rentals, Inc. (Symbol: URI)
|
| Amount: | $1 million
|
| Maturity: | Jan. 19, 2016
|
| Coupon: | 10.6%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below initial price and knock-in event occurs, in which case par plus return with exposure to any losses or, at issuer’s option, 11.05339 United Rentals shares
|
| Knock-in event: | Occurs if stock closes below knock-in level during life of notes
|
| Initial level: | $90.47 (closing price on Jan. 8)
|
| Knock-in level: | $49.76, 55% of initial level
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| Call option: | At par on any interest payment date beginning July 16, 2015.
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| Pricing date: | Jan. 9
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| Settlement date: | Jan. 16
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741UPJ7
|
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