By Toni Weeks
San Luis Obispo, Calif., April 16 – Barclays Bank plc priced $5.91 million of callable contingent coupon notes due April 20, 2017 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annualized rate of 12% if Valero Energy shares close above the 70% barrier level 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 Valero Energy shares finish below the 70% barrier level, in which case investors will receive a number of Valero Energy shares equal to $1,000 divided by the initial price or, at the issuer’s option, the cash value of those shares.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Valero Energy Corp. (Symbol: VLO)
|
| Amount: | $5,907,000
|
| Maturity: | April 20, 2017
|
| Coupon: | 12% per year, payable quarterly if stock closes at or above barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below barrier level, in which case 17.48557 Valero shares
|
| Call option: | In whole at par plus contingent coupon on any interest payment date
|
| Initial price: | $57.19
|
| Barrier level: | $40.03, 70% of initial price
|
| Pricing date: | April 14
|
| Settlement date: | April 17
|
| Agent: | Barclays
|
| Fees: | 1.75%
|
| Cusip: | 06741WAL4
|
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