Published on 4/19/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $950,000 10% autocallable yield notes on fund, indexes
By Jennifer Chiou
New York, April 19 - Barclays Bank plc priced $950,000 of 10% autocallable yield notes due April 19, 2013 linked to the S&P 500 index, the Russell 2000 index and the SPDR S&P Metals & Mining exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called automatically at par plus accrued interest if any component closes at or above its initial level on three call valuation dates, which occur on July 16, Oct. 16, 2012 and Jan. 15, 2013.
A knock-in event will occur if any component falls below the knock-in level, 65% of the initial level, on any trading day.
If a knock-in event does not occur, investors will receive par at maturity. If a knock-in event occurs and the return of the least-performing component is zero or positive, investors will receive par.
If a knock-in event occurs and the return of the least-performing component is negative, investors will share in those losses.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Autocallable yield notes
|
| Underlying components: S&P 500 index, Russell 2000 index, SPDR S&P Metals & Mining exchange-traded fund
|
| Amount: | $950,000
|
| Maturity: | April 19, 2013
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par, if a knock-in event does not occur or if it does occur but the return of the worst-performing component is at least zero; full exposure to losses if a knock-in event occurs and the return of the worst-performing component is negative
|
| Call: | At par if any component closes at or above initial level on the call valuation dates, which are July 16, Oct. 16, 2012 and Jan. 15, 2013
|
| Initial levels: | 1,390.78 for S&P, 810.63 for Russell, $48.95 for Gold Miners
|
| Knock-in levels: | 904.01 for S&P, 526.91 for Russell, $31.82 for Gold Miners; 65% of initial levels
|
| Pricing date: | April 17
|
| Settlement date: | April 20
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.35%
|
| Cusip: | 06738K2K6
|
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