Published on 9/18/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.54 million callable contingent coupon notes on Freeport-McMoRan
By Susanna Moon
Chicago, Sept. 18 - Barclays Bank plc priced $3.54 million of callable contingent coupon notes due Sept. 21, 2015 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a coupon at an annual rate of 12.5% for each quarter that the closing price of Freeport-McMoRan shares is at or above the 70% barrier level on the valuation date for that quarter.
The notes will be callable at par plus the contingent coupon on any interest payment date.
The payout at maturity will be par unless Freeport-McMoRan shares finish below the 70% knock-in barrier level, in which case investors will receive par plus the return or, at Barclays' option, a number of Freeport-McMoRan shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable contingent coupon notes
|
| Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
|
| Amount: | $3,535,000
|
| Maturity: | Sept. 21, 2015
|
| Coupon: | 12.5% per year, payable quarterly if closing price of Freeport-McMoRan shares is at or above barrier level on valuation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless Freeport-McMoRan shares finish below knock-in level, in which case par plus return or, at Barclays' option, 30.07519 Freeport-McMoRan shares
|
| Call option: | At par plus contingent coupon on any interest payment date
|
| Initial price: | $33.25
|
| Barrier level: | $23.28, 70% of initial price
|
| Pricing date: | Sept. 16
|
| Settlement date: | Sept. 19
|
| Agent: | Barclays
|
| Fees: | 1.5%
|
| Cusip: | 06741J4D8
|
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