Published on 5/14/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.14 million callable contingent coupon notes tied to Freeport-McMoRan
By Jennifer Chiou
New York, May 14 - Barclays Bank plc priced $4,138,000 of callable contingent coupon notes due May 12, 2016 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon an annual rate of 10.75% if Freeport-McMoRan shares close at or above the barrier level, 75% of the initial share price, on the valuation date for that quarter.
The notes are callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless the stock finishes below the 75% barrier level, in which case investors will be fully exposed to any losses or, at Barclays' option, they will receive a number of Freeport-McMoRan 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: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
|
| Amount: | $4,138,000
|
| Maturity: | May 12, 2016
|
| Coupon: | 10.75% per year, payable quarterly if Freeport-McMoRan 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, 29.48983 Freeport-McMoRan shares
|
| Call option: | At par plus contingent coupon, if any, on any interest payment date
|
| Initial share price: | $33.91
|
| Barrier price: | $25.43, 75% of initial share price
|
| Pricing date: | May 9
|
| Settlement date: | May 14
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741J7Q6
|
© 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.
