Published on 5/22/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $52.24 million contingent income autocallables linked to Apple
By Angela McDaniels
Tacoma, Wash., May 22 - Barclays Bank plc priced $52.24 million of contingent income autocallable securities due May 23, 2013 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Apple stock closes at or above the downside threshold level, 80% of the initial share price, on a quarterly determination date, investors will receive a contingent payment of $0.421 for each $10.00 note. Otherwise, no contingent payment will be made that quarter.
If the closing share price is greater than or equal to the initial share price on any of the first three quarterly determination dates, the notes will be automatically redeemed at par plus the contingent payment.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent payment. If the final share price is less than the downside threshold level, the payout will be a number of Apple shares equal to $10.00 divided by the initial share price or, at Barclays' option, a cash amount equal to the value of those shares.
Barclays Capital Inc. is the agent. Morgan Stanley Smith Barney LLC is a dealer.
| Issuer: | Barclays Bank plc
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Apple, Inc. (Nasdaq: AAPL)
|
| Amount: | $52,236,550
|
| Maturity: | May 23, 2013
|
| Contingent payment: | If Apple stock closes at or above downside threshold level on quarterly determination date, $0.421 per note; otherwise, no contingent payment will be made that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final share price is greater than or equal to downside threshold level, par plus contingent payment; otherwise, 0.01885 Apple shares or cash amount equal to value of those shares
|
| Call: | Automatically at par plus contingent payment if closing share price is greater than or equal to initial share price on Aug. 20, 2012, Nov. 20, 2012 or Feb. 20, 2013
|
| Initial share price: | $530.38
|
| Downside threshold level: | $424.31, 80% of initial share price
|
| Pricing date: | May 18
|
| Settlement date: | May 23
|
| Agent: | Barclays Capital Inc.
|
| Dealer: | Morgan Stanley Smith Barney LLC
|
| Fees: | 1.5%
|
| Cusip: | 06741L120
|
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