By Angela McDaniels
Tacoma, Wash., July 7 - Barclays Bank plc priced $10.5 million of 8.9% annualized Yield Enhanced Equity Linked Debt Securities due Jan. 12, 2012 linked to the common stock of Allegheny Technologies Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each note has a face value of $62.79, which is the average execution price per share for the common stock that an affiliate of Barclays paid to hedge the issuer's obligations under the notes.
Interest is payable monthly.
The payout at maturity will be an amount equal to the closing price of Allegheny Technologies stock on Jan. 5, 2012. The payout will be capped at 120% of par and is payable in cash or Allegheny Technologies stock at the issuer's option.
The final price of Allegheny Technologies stock will be adjusted if the actual aggregate dividend and the expected aggregate dividend on that day differ. Allegheny Technologies is expected to pay a dividend of $0.18 per share on Sept. 14 and Dec. 19, 2011.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Yield Enhanced Equity Linked Debt Securities
|
Underlying stock: | Allegheny Technologies Inc. (NYSE: ATI)
|
Amount: | $10,500,057.75
|
Maturity: | Jan. 12, 2012
|
Coupon: | 8.9%, payable monthly
|
Price: | Par of $62.79
|
Payout at maturity: | Lesser of final share price of Allegheny Technologies stock and the equity cap price, payable in cash or stock
|
Initial share price: | $62.79
|
Equity cap price: | $75.348, 120% of initial share price
|
Pricing date: | July 5
|
Settlement date: | July 12
|
Agent: | Barclays Capital Inc.
|
Fees: | None
|
Cusip: | 06741K155
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.