By Angela McDaniels
Tacoma, Wash., March 3 - Barclays Bank plc priced an additional $50 million of Asian and Gulf currency revaluation notes due Feb. 4, 2038, according to a 424B2 filing with the Securities and Exchange Commission.
The company originally priced $50 million of the notes on Feb. 5. The total amount of notes priced is now $100 million.
The return on the securities is linked to the performance of a reference strategy designed to provide investors with exposure to local currencies in specified Middle Eastern and Asian markets through short-term, liquid and diversified instruments. The currencies are the Chinese yuan, the Hong Kong dollar, the Saudi Arabia riyal, the Singapore dollar and the United Arab Emirates dirham, all against the U.S. dollar.
On each monthly coupon payment date, investors will receive an amount equal to the difference between the return on the reference strategy and the return based on exchange rate movements and local deposit rates. It will be paid based on the value of the reference strategy for the previous month less the previous coupon payment.
The payout at maturity will be equal to the closing indicative value on Jan. 28, 2038.
The closing indicative value will initially be equal to par of $50. Each day, the closing indicative value will equal the previous day's closing indicative value plus the strategy return on that day minus an investor fee that accrues daily at a rate of 0.89% per year. On coupon payment dates, the coupon amount will be subtracted from the closing indicative value.
The securities are putable at any time for an amount equal to the then-current closing indicative value, with a minimum amount of at least 50,000 securities.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
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| Issue: | Asian and Gulf currency revaluation notes
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| Underlying currencies: | Chinese yuan, Hong Kong dollar, Saudi Arabia riyal, Singapore dollar and United Arab Emirates dirham, all against the U.S. dollar
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| Amount: | $100 million, upsized from $50 million
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| Maturity: | Feb. 4, 2038
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| Coupon: | Equal to the difference between the return on the reference strategy and the return based on exchange rate movements and local deposit rates; paid monthly based on the value of the reference strategy for the previous month less the previous coupon payment
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| Price: | Par of $50
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| Payout at maturity: | The closing indicative value on Jan. 28, 2038
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| Closing indicative value: | Initially, $50; each day, the closing indicative value will equal the previous day's closing indicative value plus the strategy return on that day minus an investor fee of 0.89%
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| Put: | At any time at the then-current closing indicative value; minimum redemption requirement of 50,000 notes
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| Pricing date: | Feb. 5 for $50 million; March 3 for another $50 million
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| Settlement date: | Feb. 8 for $50 million; March 6 for another $50 million
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| Agent: | Barclays Capital Inc.
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| Fees: | None
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