By Jennifer Chiou
New York, Dec. 12 - Barclays Bank plc priced $10.03 million principal amount of 4.9% annualized Yield Enhanced Equity Linked Debt Securities due June 17, 2014 linked to the American Depositary Shares of Teva Pharmaceutical Industries Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Each note has a face value of $40.45, 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.
A trigger event will occur if the intraday lowest price of the ADSs is less than 90% of the initial value on any day during the life of the notes.
The payout at maturity will be par if a trigger event has not occurred and conversion value is less than the initial value. Otherwise, the payout will be an amount equal to the volume-weighted average price of Teva ADSs on June 10, 2014. The payout will be capped at 115% of par and is payable in cash or Teva ADSs at the issuer's option.
The volume-weighted average price of Teva ADSs will be adjusted if the actual aggregate dividend and the expected aggregate dividend differ. The expected dividend schedule is $0.24 per share on Feb. 21 and $0.24 on May 20, 2014.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Yield Enhanced Equity Linked Debt Securities
|
| Underlying ADS: | Teva Pharmaceutical Industries Ltd. (Nasdaq: TEVA)
|
| Amount: | $10,031,600
|
| Maturity: | June 17, 2014
|
| Coupon: | 4.9%, payable monthly
|
| Price: | Par of $40.45
|
| Payout at maturity: | Par if the intraday lowest price of the ADSs is never less than 90% of the initial value during the life of the notes; otherwise, lesser of volume-weighted average price of Teva ADSs on June 10, 2014 and equity cap price, payable in cash or Teva ADSs
|
| Initial share price: | $40.45
|
| Equity cap price: | $46.5175, 115% of initial ADS price
|
| Pricing date: | Dec. 10
|
| Settlement date: | Dec. 17
|
| Agent: | Barclays
|
| Fees: | None
|
| Cusip: | 06742E190
|
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