Published on 2/27/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $19.72 million Stars linked to Russell 2000 index
By Jennifer Chiou
New York, Feb. 27 - Barclays Bank plc priced $19,723,730 of 0% Strategic Accelerated Redemption Securities due March 13, 2013 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus a 7.49% call premium if the index closes at or above its initial level on any of the three observation dates: Aug. 28, 2012, Nov. 27, 2012 and March 6, 2013.
If the notes are not called and the final index level is at least 95% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 5%.
Bank of America Merrill Lynch is the underwriter.
Issuer: | Barclays Bank plc
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Issue: | Strategic Accelerated Redemption Securities
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Underlying index: | Russell 2000
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Amount: | $19,723,730
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Maturity: | March 13, 2013
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par if final index level is at least 95% of the initial level; exposure to losses beyond 5%
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Call: | Automatically at par plus 7.49% premium if the index closes at or above its initial level on any of the three observation dates: Aug. 28, 2012, Nov. 27, 2012 and March 6, 2013
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Initial index level: | 829.23
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Pricing date: | Feb. 23
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Settlement date: | March 5
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Underwriter: | Bank of America Merrill Lynch
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Fees: | 1.25%
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Cusip: | 06741L419
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