By Angela McDaniels
Tacoma, Wash., March 22 - Barclays Bank plc priced $5.5 million of 1% notes due March 24, 2015 linked to the common stock of Johnson & Johnson, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable semiannually.
The payout at maturity will be $1,000 multiplied by a ratio determined by dividing the final stock price by the threshold value, subject to a floor of par.
The initial price is the average execution price per share of the common stock that a Barclays affiliate paid to hedge the issuer's obligations under the notes on the pricing date, and the threshold value is 118% of the initial price.
The notes are putable at any time and callable beginning March 24, 2013. The redemption amount will be calculated in the same way as at maturity except, in the case of notes that are put back to the issuer, the payout can be less than par.
Barclays can choose to make the payout at maturity or upon redemption in cash or Johnson & Johnson stock.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Notes
|
| Underlying stock: | Johnson & Johnson (NYSE: JNJ)
|
| Amount: | $5.5 million
|
| Maturity: | March 24, 2015
|
| Coupon: | 1%, payable semiannually
|
| Price: | Par
|
| Payout at maturity: | Par plus percentage by which final stock price exceeds threshold value, if any; payable in cash or stock
|
| Call option: | Beginning March 24, 2013; payout determined in same way as at maturity
|
| Put option: | At any time; payout is $1,000 multiplied by quotient of final stock price divided by threshold value
|
| Initial price: | $65.02
|
| Threshold value: | $76.7236, 118% of initial price
|
| Pricing date: | March 19
|
| Settlement date: | March 24
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Cusip: | 06740LBD6
|
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