By Angela McDaniels
Tacoma, Wash., July 24 - Barclays Bank plc priced $10 million principal amount of 3.7% annualized Yield Enhanced Equity Linked Debt Securities due Jan. 29, 2014 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each note has a face value of $36.7792, 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.
Interest is payable monthly.
The payout at maturity will be the lesser of the conversion value (an amount equal to the volume-weighted average price of GM stock on Jan. 22, 2014) and 115% of par, provided that if a trigger event has not occurred and the conversion value is less than par, the payout will be par.
A trigger event will occur if the intraday lowest price of GM stock is less than the trigger price on any trading day during the life of the notes. The trigger price is 90% of the initial share price.
Barclays can make the payout in cash or GM stock at its option.
The volume-weighted average price of GM stock will be adjusted if the actual aggregate dividend and the expected aggregate dividend differ. The expected aggregate dividend differ is zero.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Yield Enhanced Equity Linked Debt Securities
|
| Underlying stock: | General Motors Co. (NYSE: GM)
|
| Amount: | $10,000,007.03
|
| Maturity: | Jan. 29, 2014
|
| Coupon: | 3.7%, payable monthly
|
| Price: | Par of $36.7792
|
| Payout at maturity: | Lesser of conversion value and equity cap price, provided that if trigger event has not occurred and conversion value is less than par, payout will be par; payable in cash or GM stock
|
| Conversion value: | Amount equal to volume-weighted average price of GM stock on Jan. 22, 2014
|
| Trigger event: | Intraday lowest price of GM stock is less than trigger price on any trading day during life of notes
|
| Initial share price: | $36.7792
|
| Equity cap price: | $42.29608, 115% of initial share price
|
| Trigger price: | $33.10128, 90% of initial share price
|
| Pricing date: | July 22
|
| Settlement date: | July 29
|
| Agent: | Barclays
|
| Fees: | None
|
| Cusip: | 06742D515
|
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