Published on 10/28/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.35 million callable contingent coupon notes linked to Facebook
By Angela McDaniels
Tacoma, Wash., Oct. 28 - Barclays Bank plc priced $2.35 million of callable contingent coupon notes due Oct. 27, 2016 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a 3% coupon (equivalent to 12% per year) if the closing price of Facebook shares is greater than or equal to the barrier price, 60% of the initial share price, on the valuation date for that quarter. Otherwise, holders will not receive a contingent interest payment for that quarter.
Beginning Oct. 28, 2014, the notes are callable at par plus the contingent coupon, if any, on any interest payment date.
If the notes are not called and the final share price is greater than or equal to the barrier price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price or, at Barclays' option, they will receive a number of Facebook shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Facebook Inc. (Symbol: FB)
|
| Amount: | $2,345,000
|
| Maturity: | Oct. 27, 2016
|
| Coupon: | 12% per year, payable quarterly if Facebook shares close at or above barrier price on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par if final share price is greater than or equal to barrier price; otherwise, exposure to share price decline or, at Barclays' option, 19.05125 Facebook shares
|
| Call option: | At par plus contingent coupon, if any, on any interest payment date from Oct. 28, 2014 onward
|
| Initial share price: | $52.49
|
| Barrier price: | $31.49, 60% of initial share price
|
| Pricing date: | Oct. 24
|
| Settlement date: | Oct. 29
|
| Agent: | Barclays
|
| Fees: | 3.5%
|
| Cusip: | 06741J4Q9
|
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