Published on 5/2/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.41 million trigger PLUS linked to commodities
By Angela McDaniels
Tacoma, Wash., May 2 - Barclays Bank plc priced $1.41 million of 0% trigger Performance Leveraged Upside Securities due Nov.4, 2014 linked to a basket of six commodities, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of Brent blend crude oil with a 25% weight, copper with a 20% weight, corn with a 15% weight, gold with a 15% weight, soybeans with a 15% weight and gasoline RBOB with a 10% weight.
The payout at maturity will be par plus 300% of any basket gain, up to a maximum payout of $1,322.50 for each $1,000 principal amount. Investors will receive par if the basket falls by up to 10% and will be fully exposed to losses from the initial level if the basket declines by more than 10%.
Barclays is the agent with Morgan Stanley Smith Barney LLC as a dealer.
Issuer: | Barclays Bank plc
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Issue: | Trigger Performance Leveraged Upside Securities
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Underlying basket: | Brent blend crude oil (25% weight), copper (20% weight), corn (15% weight), gold (15% weight), soybeans (15% weight) and gasoline RBOB (10% weight)
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Amount: | $1,413,000
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Maturity: | Nov. 4, 2014
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any basket gain, capped at 32.25%; par if basket falls by 10% or less; full exposure to losses if basket falls by more than 10%
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Pricing date: | April 30
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Settlement date: | May 3
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Agent: | Barclays
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Dealer: | Morgan Stanley Smith Barney LLC
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Fees: | 2%
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Cusip: | 06741TSL2
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