Published on 3/30/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $11.25 million Mitts linked to Mexican peso, Brazilian real
By Angela McDaniels
Tacoma, Wash., March 30 – Barclays Bank plc priced $11.25 million of 0% currency Market Index Target-Term Securities due March 31, 2017 linked to a basket of currencies, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes equal weights of the Brazilian real and the Mexican peso and measures their performance relative to the euro. If the underlying currency basket strengthens relative to the euro, the exchange rate measure increases.
If the exchange rate measure increases, the payout at maturity will be par of $10 plus 205% of the basket’s increase. If the exchange rate measure decreases, investors will share in the loss, subject to a minimum payout of $9 per note.
BofA Merrill Lynch is the agent.
Issuer: | Barclays Bank plc
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Issue: | Currency Market Index Target-Term Securities
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Underlying currencies: | Brazilian real and Mexican peso, equally weighted and measured relative to euro
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Amount: | $11,246,500
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Maturity: | March 31, 2017
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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 205% of basket’s increase; if exchange rate measure decreases, exposure to loss, subject to $9 minimum payout
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Initial exchange rates: | 3.4846 for real and 16.4722 for peso
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Pricing date: | March 26
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Settlement date: | April 2
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Agent: | BofA Merrill Lynch
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Fees: | 1.75%
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Cusip: | 06740D251
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