Published on 6/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $38.63 million return enhanced notes on BRIC currencies
By Jennifer Chiou
New York, June 28 - Barclays Bank plc priced $38.63 million of 0% return enhanced notes due Dec. 27, 2012 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 equally weighted basket components are the Brazilian real, the Russian ruble, the Indian rupee and the Chinese renminbi.
The payout at maturity will be par plus 1.69 times any gain in the basket. Investors will lose 1% for every 1% decline in the basket up to 5% and will receive 95% of par if the basket declines beyond 5%.
JPMorgan Chase Bank, NA and JPMorgan Securities LLC are the lead agents with Barclays Capital Inc. as co-agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Return enhanced notes
|
| Underlying currencies: | Brazilian real, the Russian ruble, the Indian rupee and the Chinese renminbi, equally weighted
|
| Amount: | $38.63 million
|
| Maturity date: | Dec. 27, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus 1.69 times any gain in the basket; 1% loss for every 1% decline up to 5%; 95% of par if basket declines beyond 5%
|
| Initial exchange rates: | 1.5988 for real, 28.2171 for ruble, 44.94 for rupee and 6.4742 for renminbi
|
| Pricing date: | June 24
|
| Settlement date: | June 29
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC with Barclays Capital Inc.
|
| Fees: | 1.25%
|
| Cusip: | 06738KME8
|
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