By Susanna Moon
Chicago, July 22 - Barclays Bank plc priced $10.77 million of 7.8% annualized Yield Enhanced Equity Linked Debt Securities due Jan. 27, 2012 linked to Celanese Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Each note has a face value of $54.35, 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.
The payout at maturity will be the lesser of the volume-weighted average price of Celanese shares on the valuation date of Jan. 20, 2012 and the equity cap price - 115% of the initial value - and is payable in cash or Celanese stock at the issuer's option.
The final price of Celanese stock will be adjusted if the actual aggregate dividend and the expected aggregate dividend on that day differ. Celanese is expected to pay a dividend of $0.06 per share on Oct. 12 and Jan. 11, 2012.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Yield Enhanced Equity Linked Debt Securities
|
| Underlying stock: | Celanese Corp. (NYSE: CE)
|
| Amount: | $10,767,224.15
|
| Maturity: | Jan. 27, 2012
|
| Coupon: | 7.8%, payable monthly
|
| Price: | Par of $54.35
|
| Payout at maturity: | Lesser of VWAP of Celanese stock on Jan. 20 and equity cap price, payable in cash or stock
|
| Initial share price: | $54.35
|
| Equity cap price: | $62.5025, or 115% of the initial value
|
| Pricing date: | July 20
|
| Settlement date: | July 27
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Cusip: | 06738G621
|
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