New Issue: Barclays prices $18.35 million dual directional notes tied to WTI crude

By Toni Weeks

San Luis Obispo, Calif., July 23 - Barclays Bank plc priced $18.35 million of 0% dual directional notes due July 30, 2014 linked to WTI crude, according to a 424B2 filing with the Securities and Exchange Commission.

If the price of crude finishes at or above the 77.95% trigger level, the payout at maturity will be par plus the absolute value of the return.

Investors will be fully exposed to losses if crude drops below the trigger level.

Barclays is the underwriter with JPMorgan Chase Bank, NA and JPMorgan Securities LLC as the placement agents.

Issuer:	Barclays Bank plc
Issue:	Dual directional notes
Underlying asset:	WTI crude
Amount:	$18,345,000
Maturity:	July 30, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If crude finishes at or above the 77.95% trigger level, par plus absolute value of return; otherwise, full exposure to losses
Initial level:	$108.05
Trigger level:	$84.22, 77.95% of initial index level
Pricing date:	July 19
Settlement date:	July 24
Agents:	Barclays with JPMorgan Chase Bank, NA and JPMorgan Securities LLC as placement agents
Fees:	1%
Cusip:	06741TZL4

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