By Jennifer Chiou
New York, March 19 - Barclays Bank plc priced $2,886,000 of 0% barrier notes due Sept. 20, 2013 linked to Brent crude futures contracts, according to a 424B2 filing with the Securities and Exchange Commission.
A barrier event will occur if the settlement price of Brent crude is less than the barrier - 63.5% of the initial price - on any day during the life of the notes.
If a barrier event occurs, the payout at maturity will be par plus the return, which could be positive or negative. Otherwise, investors will receive par plus the absolute value of the Brent crude return.
In either case, the return is capped at 60%.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Barrier notes
|
| Underlying component: | Brent crude futures contracts
|
| Amount: | $2,886,000
|
| Maturity: | Sept. 20, 2013
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If contract price ever closes below 63.5% of the initial price, par plus return with exposure to losses; otherwise, par plus the absolute value of the Brent crude return; return capped at 60% in either case
|
| Initial price: | $123.55/barrel
|
| Barrier level: | $78.45, 63.5% of initial price
|
| Pricing date: | March 15
|
| Settlement date: | March 20
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.5%
|
| Cusip: | 06738KV65
|
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