Published on 3/5/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.08 million notes linked to crude oil, offshore Chinese renminbi
By Marisa Wong
Madison, Wis., March 5 - Barclays Bank plc priced $1.08 million of 0% notes due March 12, 2014 linked to the performance of the Brent crude futures contract and the offshore Chinese renminbi vs. dollar exchange rate, according to an FWP filing with the Securities and Exchange Commission.
If the Brent crude return is greater than or equal to negative 25%, the payout at maturity will be par plus the contingent digital amount, if applicable. Otherwise, investors will receive par plus the contingent digital amount, if applicable, minus 1% for each 1% that the Brent crude price declines from the initial price.
The contingent digital amount is 20.55%. Investors will receive it if the offshore Chinese renminbi appreciates relative to the dollar or remains flat at maturity.
Barclays is the underwriter with J.P. Morgan Securities LLC as placement agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Notes
|
| Underlying assets: | Brent crude futures contract and offshore Chinese renminbi vs. dollar exchange rate
|
| Amount: | $1,075,000
|
| Maturity: | March 12, 2014
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If Brent crude return is greater than or equal to negative 25%, par plus contingent digital amount, if any; otherwise, par plus contingent digital amount, if any, minus 1% for each 1% decline in Brent crude price; contingent digital amount is 20.55%, payable if offshore Chinese renminbi appreciates relative to the dollar or remains flat at maturity
|
| Initial contract price: | $110.40
|
| Initial exchange rate: | 6.2178
|
| Pricing date: | March 1
|
| Settlement date: | March 6
|
| Underwriter: | Barclays with J.P. Morgan Securities LLC as placement agent
|
| Fees: | 1%
|
| Cusip: | 06741TPK7
|
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