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Barclays PLC Capital/Financing Update 2014

May 18, 2014

5250_rns_2014-05-18_edbc8afb-065f-4978-b41a-61ab7da6c3b0.pdf

Capital/Financing Update

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FINAL TERMS

BARCLAYS BANK PLC

(Incorporated with limited liability in England and Wales)

GBP 10,000,000 Warrant Linked Securities due May 2020 pursuant to the Global Structured Securities Programme (the "Tranche 1 Securities")

Issue Price: 100 per cent.

This document constitutes the final terms of the Securities (the "Final Terms") described herein for the purposes of Article 5.4 of the Prospectus Directive and is prepared in connection with the Global Structured Securities Programme established by Barclays Bank PLC (the "Issuer"). These Final Terms are supplemental to and should be read in conjunction with the GSSP Base Prospectus 5 dated 10 June 2013, as supplemented on 10 October 2013, 23 December 2013 and 4 April 2014, which constitutes a base prospectus (the "Base Prospectus") for the purpose of the Prospectus Directive. Full information on the Issuer and the offer of the Securities is only available on the basis of the combination of these Final Terms and the Base Prospectus. A summary of the individual issue of the Securities is annexed to these Final Terms.

The Prospectus available Base for viewing is at http://www.barclays.com/InvestorRelations/DebtInvestors and during normal business hours at the registered office of the Issuer and the specified office of the Issue and Paying Agent for the time being in London, and copies may be obtained from such office. Words and expressions defined in the Base Prospectus and not defined in this document shall bear the same meanings when used herein.

Barclays

Final Terms dated 16 May 2014

Part A - CONTRACTUAL TERMS

1. a. Series number: NX000150532
b. Tranche number: 1
2. Currency: GBP
3. Securities:
a. Aggregate Nominal
Amount as at the Issue
Date:
(i) Tranche: GBP 10,000,000
(ii) Series: GBP 10,000,000
b. Specified Denomination: GBP 1.00
C. Minimum Tradable
Amount:
Not Applicable
d. Calculation Amount: Specified Denomination
4. Issue Price: 100 per cent. of par
5. Issue Date: 16 May 2014
6. Scheduled Redemption Date: 18 May 2020
7. Warrant linked Securities:
(i) Underlying Warrant(s) and
Underlying Warrant
Reference Asset(s):
A Warrant (an "Underlying Warrant") linked to
the FTSE 100 Index and the Eurostoxx 50 Index
(each an "Underlying Warrant Reference
Asset") issued by Barclays Bank PLC (ISIN:
GB00B8MNMD99;
Number:
Series
NX000150533)
(ii) Final Valuation Date: 11 May 2020, subject as in General Condition 5
(c) (Final Redemption - Relevant Defined Terms)
(iii) Valuation Time: As specified in General Condition 5 (c) (Final
Redemption - Relevant Defined Terms)
8. Form of Securities: CRESTSecurities
Permanent Global Security
NGN Form: Not Applicable
CGN Form: Not Applicable
CDIs: Not Applicable
9. Trade Date: 9 May 2014

Number:

(Definitions) Not Applicable

11. Additional Business Centre(s): Not Applicable
12. Determination Agent: Barclays Bank PLC
13. Common Safekeeper: Not Applicable
14. a. Names of Managers: Barclays Bank PLC
b. Date of underwriting
agreement:
Not Applicable

Part B - OTHER INFORMATION

$1.$ LISTING AND ADMISSION Application is expected to be made by the Issuer (or on its TO TRADING behalf) for the Securities to be listed on the Official List and admitted to trading on the Regulated Market of the London Stock Exchange on or around the Issue Date.

$\overline{2}$ . RATINGS

Ratings:

The Securities have not been individually rated.

$\overline{3}$ . INTERESTS OF NATURAL AND LEGAL PERSONS INVOLVED IN THE OFFER

Save for any fees payable to the Manager(s), save for any trading and market-making activities of the Issuer and/or its affiliates in the Underlying Warrant, the hedging activities of the Issuer and/or its affiliates and the fact that the Issuer is the Determination Agent in respect of the Securities and the determination agent in respect of the Underlying Warrant, so far as the Issuer is aware, no person involved in the offer of the Securities has an interest material to the offer.

$\mathbf{4}$ . REASONS FOR THE OFFER, ESTIMATED NET PROCEEDS AND TOTAL EXPENSES

  • $(i)$ Reasons for the offer: Making profit and/or hedging purposes
  • Estimated net proceeds: Not Applicable $(ii)$
  • Estimated total expenses: Not Applicable $(iii)$

$51$ PERFORMANCE OF THE UNDERLYING WARRANT AND OTHER INFORMATION CONCERNING THE UNDERLYING WARRANT

The value of the Notes will depend upon the performance of the Underlying Warrant which is:

A Warrant linked to the FTSE 100 Index and the Eurostoxx 50 Index issued by Barclays Bank PLC (ISIN: GB00B8MNMD99; Series Number: NX000150533)

The Warrant Value in respect of the Underlying Warrant will be published on each Business Day on GB00B8MNMD99=RIC.

Details of the past performance and volatility of the Underlying Warrant Reference Asset may be obtained from Reuters page .FTSE in the case of the FTSE 100 Index, and Reuters page .SX5E in the case of the Eurostoxx 50 Index. The terms and conditions of the Underlying Warrant are available on http://group.barclays.com/prospectuses-anddocumentation/structured-securities/final-terms

Index Disclaimer: FTSE® 100 Index and EUROSTOXX® 50 Index.

$6.$ OPERATIONAL INFORMATION

  • $(i)$ ISIN Code: GB00B8SVW719
  • Common Code: Not Applicable $(ii)$
  • $(iii)$ Name(s) and address(es) of CREST any clearing system(s) other than Euroclear Bank S.A./N.V. and Clearstream

Banking, société anonyme
and the relevant identification number(s):

$(iv)$ Delivery:

Delivery free of payment.

$7.$ DISTRIBUTION

Name and address of financial
intermediary/ies authorised
to use the Base Prospectus
("Authorised Offeror(s)"):
Any distributors and independent financial advisors to be
determined from time to time
Offer period for which use of
the Base Prospectus is
authorised by the Authorised
Offeror(s) ("Offer Period"):
16 May 2014 only
Other conditions for use of
this Prospectus by the
Authorised Offeror(s):
The Public Offer is only made in the United Kingdom
8. TERMS AND CONDITIONS OF THE OFFER
(i) Offer Price: The Issue Price
(ii) Conditions to which the offer
is subject:
The Issuer reserves the right to withdraw the offer for
Securities at any time on or prior to the end of the Offer
Period.
Following withdrawal of the offer, if any application has been
made by any potential investor, each such potential investor
shall not be entitled to subscribe or otherwise acquire the
Securities and any applications will be automatically
cancelled and any purchase money will be refunded to the
applicant by the Authorised Offeror in accordance with the
Authorised Offeror's usual procedures.
(iii) Description of the application
process:
An offer of the Securities may be made by the Manager or
the Authorised Offeror other than pursuant to Article 3(2) of
the Prospectus Directive in the United Kingdom (the "Public
Offer Jurisdiction") on 16 May 2014 (the "Offer Period").
Applications for the Securities can be made in the Public
Offer Jurisdiction through the Authorised Offeror during the
Offer Period. The Securities will be placed into the Public
Offer Jurisdiction by the Authorised Offeror. Distribution will
be in accordance with the Authorised Offeror's usual
procedures, notified to investors by the Authorised Offeror.
(iv) Details of the minimum
and/or maximum amount of
application:
The minimum and maximum amount of application from
the Authorised Offeror will be notified to investors by the
Authorised Offeror.
(v) Details of method and time
limits for paying up and
delivering the Securities:
Investors will be notified by the Authorised Offeror of their
allocations of Securities and the settlement arrangements in
respect thereof.
(vi) Manner in and date on which
results of the offer are to be
made public:
Investors will be notified by the Authorised Offeror of their
allocations of Securities and the settlement arrangements in
respect thereof.
(vii) Whether tranche(s) have
been reserved for certain
countries:
Not Applicable
(viii) Process for notification to
applicants of the amount
allotted and indication
Each investor will be notified by the Authorised Offeror of its
allocation of Securities at the time of such investor's
application.
whether dealing may begin
before notification is made:
No dealings in the Securities may take place prior to the
Issue Date.
(ix) Amount of any expenses and
taxes specifically charged to
the subscriber or purchaser:
Apart from the Offer Price, the Issuer is not aware of any
expenses and taxes specifically charged to the subscriber or
purchaser.
Prior to making any investment decision, investors should
seek independent professional advice as they deem
necessary.
(x) Name(s) and address(es) to
the extent known to the
Issuer, of the placers in the
various countries where the
offer takes place:
Not Applicable

SUMMARY

Summaries are made up of disclosure requirements known as 'elements'. These elements are numbered in sections $A - E(A.1 - E.7)$ .

This Summary contains all the elements required to be included in a summary for these types of securities and issuer. Because some elements are not required to be addressed, there may be gaps in the numbering sequence of the elements.

Even though an element may be required to be inserted in the summary because of the type of securities and issuer, it is possible that no relevant information can be given regarding the element. In this case a short description of the element is included in the summary after the words 'not applicable'.

Section A - Introduction and Warnings
A.1 Introduction This Summary should be read as an introduction to the Base Prospectus.
and Warnings Any decision to invest in Securities should be based on consideration of
the Base Prospectus as a whole, including any information incorporated
by reference, and read together with the Final Terms.
Where a claim relating to the information contained in the Base
Prospectus is brought before a court, the plaintiff might, under the
national legislation of the relevant Member State of the European
Economic Area, have to bear the costs of translating the Base Prospectus
before the legal proceedings are initiated.
No civil liability shall attach to any responsible person solely on the basis
of this Summary, including any translation thereof, unless it is misleading,
inaccurate or inconsistent when read together with the other parts of the
Base Prospectus or it does not provide, when read together with the
other parts of the Base Prospectus, key information in order to aid
investors when considering whether to invest in the Securities.
A.2 Consent by the The Issuer may provide its consent to the use of the Base Prospectus and
Issuer to the use Final Terms for subsequent resale or final placement of Securities by
of prospectus in financial intermediaries, provided that the subsequent resale or final
subsequent placement of Securities by such financial intermediaries is made during
the offer period specified in the Final Terms. Such consent may be
resale or final
placement of
subject to conditions which are relevant for the use of the Base
Securities, Prospectus.
indication of General Consent: The Issuer consents to the use of the Base Prospectus
offer period and and the Final Terms with respect to the subsequent resale or final
conditions to placement of Securities (a "Public Offer") which satisfies all of the
consent for following conditions:
subsequent (a)
the Public Offer is only made in the United Kingdom;
resale or final the Public Offer is only made on 16 May 2014 (the "Offer Period");
(b)
placement, and and
warning the Public Offer is only made by any financial intermediary which
(c)
is authorised to make such offers under the Markets in Financial
Instruments
Directive
(Directive
2004/39/EC)
(each
an
"Authorised Offeror")
Information on the terms and conditions of an offer by any Authorised
Offeror is to be provided at the time of that offer by the Authorised
Offeror.
Section B - Issuer
B.1 Legal and
commercial
name of the
Issuer
The Securities are issued by Barclays Bank PLC (the "Issuer")
B.2 Domicile and
legal form of
the Issuer,
legislation
under which the
Issuer operates
and country of
incorporation of
Issuer
The Issuer is a public limited company registered in England and Wales.
The Issuer was incorporated on 7 August 1925 under the Colonial Bank
Act 1925 and, on 4 October 1971, was registered as a company limited
by shares under the Companies Act 1948 to 1967. Pursuant to The
Barclays Bank Act 1984, on 1 January 1985, the Issuer was re-registered
as a public limited company.
B.4b Known trends
affecting the
Issuer and
industries in
which the Issuer
operates
The business and earnings of the Issuer and its subsidiary undertakings
(together, the "Group") can be affected by the fiscal or other policies and
other actions of various governmental and regulatory authorities in the
UK, EU, US and elsewhere, which are all subject to change. The regulatory
response to the financial crisis has led and will continue to lead to very
substantial regulatory changes in the UK, EU and US and in other
countries in which the Group operates. It has also (amongst other things)
led to (i) a more assertive approach being demonstrated by the
authorities in many jurisdictions; and (ii) enhanced capital and liquidity
requirements (for example pursuant to the Capital Requirements
Directive 4). Any future regulatory changes may restrict the Group's
operations, mandate certain lending activity and impose other,
significant compliance costs.
Known trends affecting the Issuer and the industry in which the Issuer
operates include:
continuing political and regulatory scrutiny of the banking
industry which is leading to increased or changing regulation
that is likely to have a significant effect on the industry;
general changes in regulatory requirements, for example,
prudential rules relating to the capital adequacy framework and
rules designed to promote financial stability and increase
depositor protection;
the US Dodd-Frank Wall Street Reform and Consumer Protection
Act, which contains far reaching regulatory reform (including
restrictions on proprietary trading and fund-related activities
(the so-called "Volcker rule"));
recommendations by the Independent Commission on Banking
that: (i) the UK and EEA retail banking activities of a UK bank or
building society should be placed in a legally distinct,
operationally separate and economically independent entity (so-
called 'ring-fencing'); and (ii) the loss-absorbing capacity of ring-
fenced banks and UK-headquartered global systemically
important banks (such as the Issuer) should be increased to levels
higher than the Basel 3 proposals;
investigations by the Office of Fair Trading into Visa and
MasterCard credit and debit interchange rates, which may have
an impact on the consumer credit industry;
investigations by regulatory bodies in the UK, EU and US into
submissions made by the Issuer and other panel members to the
bodies that set various interbank offered rates such as the
London Interbank Offered Rate ("LIBOR") and the Euro Interbank
Offered Rate ("EURIBOR"); and
changes in competition and pricing environments.
B.5 Description of The Group is a major global financial services provider.
group and
Issuer's position
within the
group
The whole of the issued ordinary share capital of the Issuer is beneficially
owned by Barclays PLC, which is the ultimate holding company of the
Group.
B.9 Profit forecast
or estimate
Not Applicable; the Issuer has chosen not to include a profit forecast or
estimate.
B.10 Nature of any
qualifications in
audit report on
historical
financial
information
Not Applicable; the audit report on the historical financial information
contains no such qualifications.
B.12 Selected key
financial
information; No
material
adverse change
and no
significant
change
statements
Based on the Group's audited financial information for the year ended 31
December 2013, the Group had total assets of £1,312,840 million (2012:
£1,488,761 million), total net loans and advances of £468,664 million
(2012: £464,777 million), total deposits of £482,770 million (2012:
£462,512 million), and total shareholders' equity of £63,220 million
(2012: £59,923 million) (including non-controlling interests of £2,211
million (2012: £2,856 million)). The profit before tax from continuing
operations of the Group for the year ended 31 December 2013 was
£2,855 million (2012: £650 million) after credit impairment charges and
other provisions of £3,071 million (2012: £3,340 million). The financial
information in this paragraph is extracted from the audited consolidated
financial statements of the Issuer for the year ended 31 December 2013.
There has been no material adverse change in the prospects of the Issuer
or the Group since 31 December 2013.
There has been no significant change in the financial or trading position
of the Issuer or the Group since 31 December 2013.
B.13 Recent events On 30 October 2013, Barclays PLC announced the following estimated
particular to the ratios as at 30 September 2013 on a post-rights issue basis: Core Tier 1
Issuer which are ratio of 12.9%, estimated fully loaded CRD IV CET1 ratio of 9.6%,
materially estimated fully loaded CRD IV leverage ratio of 2.9% and estimated PRA
relevant to the Leverage Ratio of 2.6%. Barclays PLC also announced on 30 October that
evaluation of the execution of the plan to meet the 3% PRA Leverage Ratio by June
Issuer's solvency 2014 is on track.
On 6 December 2012, the Issuer announced that it had agreed to
combine the majority of its Africa operations (the "Portfolio") with Absa
Group Limited ("Absa"). The proposed combination is to be effected by
way of an acquisition by Absa of the Portfolio for a consideration of
129,540,636 Absa ordinary shares (representing a value of approximately
£1.3 billion). As a result of the transaction, the Issuer's stake in Absa will
increase from 55.5 per cent. to 62.3 per cent. The combination was
completed on 31 July 2013.
On 9 October 2012, the Issuer announced that it had agreed to acquire
the deposits, mortgages and business assets of ING Direct UK. Under the
terms of the transaction, which completed on 5 March 2013, the Issuer
acquired amongst other business assets a deposit book with balances of
approximately £11.4 billion and a mortgage book with outstanding
balances of approximately £5.3 billion (as at 31 August 2012).
On 22 May 2012, the Issuer announced that it had agreed to dispose of
the Issuer's entire holding in BlackRock, Inc. ("BlackRock") pursuant to an
underwritten public offer and a partial buy-back by BlackRock. On
disposal, the Issuer received net proceeds of approximately US \$5.5
billion (£3.5 billion).
B.14 Dependency of
Issuer on other
The whole of the issued ordinary share capital of the Issuer is beneficially
owned by Barclays PLC, which is the ultimate holding company of the
entities within
Group.
the group The financial position of the Issuer is dependent on the financial position
of its subsidiary undertakings.
B.15 Description of The Group is a major global financial services provider engaged in retail
Issuer's principal and commercial banking, credit cards, investment banking, wealth
activities management and investment management services with an extensive
international presence in Europe, United States, Africa and Asia.
B.16 Description of The whole of the issued ordinary share capital of the Issuer is beneficially
whether the owned by Barclays PLC, which is the ultimate holding company of the
Issuer is directly Issuer and its subsidiary undertakings.
or indirectly
owned or
controlled and
by whom and
nature of such
control
Section C - Securities
C.1 Type and class of Securities described in this Summary (the "Securities") are derivative
securities being securities and are issued as notes.
offered The Securities will not bear interest.
If the Securities have not redeemed early they will redeem on the
scheduled redemption date and the amount paid will be a redemption
amount that is linked to the change in value of one or more specified
warrants which may fluctuate up or down depending on the performance
of the reference asset(s) to which they are linked.
Securities will be cleared through a clearing system and may be held in
bearer form. Certain Securities may be in dematerialised and
uncertificated book-entry form. Title to cleared Securities will be
determined by the books of the relevant clearing system.
Securities will be issued in one or more series (each a "Series") and each
Series may be issued in tranches (each a "Tranche") on the same or
different issue dates. The Securities of each Series are intended to be
interchangeable with all other Securities of that Series. Each Series will
be allocated a unique Series number and an identification code.
The Securities are transferable obligations of the Issuer that can be
bought and sold by investors in accordance with the terms and
conditions set out in the Base Prospectus as completed by the final terms
document (the "Final Terms").
Form:
The Securities will be issued in dematerialised and uncertificated book-
entry form.
Identification: Series Number: NX000150532; Tranche Number: 1
Identification Codes: ISIN Code: GB00B8SVW719
Governing Law: The Securities will be governed by English law.
C.2 Currency Subject to compliance with all applicable laws, regulations and directives,
Securities may be issued in any currency.
The Securities will be denominated in pounds sterling ("GBP")
C.5 Description of
restrictions on
free
transferability
of the Securities
With respect to the United States, Securities offered and sold outside the
United States to non-US persons in reliance on 'Regulation S' must
comply with transfer restrictions. Securities held in a clearing system will
be transferred in accordance with the rules, procedures and regulations
of that clearing system.
Subject to the above, the Securities will be freely transferable.
C.8 Description of Price: Securities will be issued at 100% of par. The minimum
rights attached denomination will be the calculation amount in respect of which
to the Securities redemption amounts will be calculated.
and limitations Status: Securities are direct, unsubordinated and unsecured obligations
of those rights; of the Issuer and rank equally among themselves.
ranking of the Taxation: All payments in respect of the Securities shall be made without
Securities withholding or deduction for or on account of any taxes imposed by the
Issuer's country of incorporation (or any authority or political subdivision
thereof or therein) unless such withholding or deduction is required by
law. In the event that any such withholding or deduction is required by
law, the Issuer will, save in limited circumstances, be required to pay
additional amounts to cover the amounts so withheld or deducted.
Additional Disruption Events: If there is a change in applicable law, a
currency disruption, an extraordinary market disruption or a tax event
affecting the Issuer's ability to fulfil its obligations under the Securities,
the terms of the Securities may be adjusted and/or the Securities may be
redeemed early, without the consent of investors.
Consequences of a Warrant Termination Event: If there is (i) a
cancellation or termination of one or more of the Underlying Warrant
(other than by scheduled exercise or automatic exercise pursuant to its
terms) or (ii) a specified early cancellation event in respect of the
Underlying Warrant, the Securities shall be redeemed early.
Events of default: If the Issuer fails to make any payment due under the
Securities or breaches any other provision of the Securities (and, in each
case, such failure is not remedied within 30 days) or the Issuer is subject
to a winding-up order, the Securities will become immediately due and
payable, upon notice being given by the holder.
Unlawfulness: If the Issuer determines that the performance of any of its
obligations under the Securities has become unlawful the Securities may
be redeemed early at the option of the Issuer.
In each case, the amount due in respect of the Calculation Amount for
each Security will be an amount determined by the Determination Agent
in good faith and in a commercially reasonable manner on the same basis
as that which would have determined the amount due on final
redemption except that the final value in respect of any Underlying
Warrant shall be its value as of the day on which the disruption or
termination event, event of default or unlawfulness, as the case may be,
occurs.
Meetings: The Securities contain provisions for investors to call and
attend meetings to vote upon proposed amendments to the terms of the
Securities or to pass a written resolution in the absence of such a
meeting. These provisions permit defined majorities to approve certain
amendments that will bind all holders, including holders who did not
attend and vote at the relevant meeting and holders who voted in a
manner contrary to the majority.
The issue price of the Securities is 100 per cent. of par. The denomination
of each Security is GBP 1.00
C.11 Listing and
admission to
trading
Securities may be listed and admitted to trading on a regulated market in
the United Kingdom.
Application is expected to be made by the Issuer to list the Securities on
the official list of the UK Listing Authority and admit the Securities to
trading on the regulated market of the London Stock Exchange with
effect from 16 May 2014 (the "Issue Date").
C.15 Description of
how the value of
the investment
is affected by
the value of the
underlying
instrument
Payments of principal are determined by Barclays Bank PLC as
"Determination Agent" by reference to the change in value of a Warrant
issued by Barclays Bank PLC (ISIN: GB00B8MNMD99; Series Number:
NX000150533) (the "Underlying Warrant") which may fluctuate up or
down depending on the performance of the FTSE 100 Index and the
Eurostoxx 50 Index (each an "Underlying Warrant Reference Asset"). A
decrease in the value of the Underlying Warrant which is due in turn to
the performance of the Underlying Warrant Reference Assets will reduce
the redemption amount payable on the Securities. The value of the
Underlying Warrant will be published on each Business Day on
GB00B8MNMD99=RIC. Details of the past and future performance and
the volatility of the Underlying Warrant Reference Assets may be
obtained from Reuters page .FTSE and .SX5E.
C.16 Expiration or
maturity date of
the securities
The Securities are scheduled to redeem on the scheduled redemption
date. Such scheduled redemption date may be delayed if the
determination of any value used to calculate an amount payable under
the Securities is delayed (including where the valuation of any Underlying
Warrant is delayed in accordance with its terms).
The scheduled redemption date of the Securities will be 18 May 2020.
C.17 Settlement
Procedure
Securities will be delivered on the specified issue date either against
payment of the issue price or free of payment of the issue price of the
Securities. Securities may be cleared and settled through Euroclear,
Clearstream or CREST.
Securities will be delivered on 16 May 2014 (the "Issue Date") free of
payment of the issue price of the Securities.
The Securities are cleared and settled through Euroclear/Clearstream.
C.18 Description of
how the return
on derivative
Securities takes
place
The return on, and value of, the Securities will be linked to changes in the
value of the Underlying Warrant, the value of which is dependent on the
performance of the Underlying Warrant Reference Assets.
Interest
The Securities will not bear interest.
Final Redemption
The Securities are scheduled to redeem on 18 May 2020 by payment by
the Issuer of an amount in GBP for each GBP 1.00 in nominal amount of
the Securities equal to an amount determined by the Determination
Agent in good faith and in a commercially reasonable manner as GBP
1.00 multiplied by an amount equal to the value of the Underlying
Warrant on 11 May 2020, being the final valuation date, divided by the
value of the Underlying Warrant on the 16 May 2014, being the initial
valuation date, the final valuation date being subject to certain delay
provisions if any relevant date for valuation is delayed in accordance with
the terms of the Underlying Warrant.
The greater the value of the Underlying Warrant on the final valuation
date (as compared to the value of the Underlying Warrant on the initial
valuation date), the greater the redemption amount payable on the
Securities. If the value of the Underlying Warrant on the final valuation
date falls below the value of the Underlying Warrant on the initial
valuation date the final redemption amount will be less than the amount
invested and could be as low as zero.
No weighting is applied as, although the Securities relate to more than
one Underlying Warrant, the amount payable on redemption is
determined by reference to the sum of the values of all the relevant
Underlying Warrant without adjustment.
Early Redemption
Securities may at the option of the Issuer (in the case of (i) or (ii)) or shall
(in the case of (iii)) be redeemed earlier than the scheduled redemption
date (i) if performance becomes unlawful, (ii) following the occurrence of
a change in applicable law, a currency disruption event, an extraordinary
market disruption or a tax event affecting the Issuer's ability to fulfil its
obligations under the Securities) or (iii) following the occurrence of
(a) the cancellation or termination of the Underlying Warrant (other than
by scheduled exercise or automatic exercise pursuant to its terms) or (b)
a specified early cancellation event in respect thereof.
C.19 Final reference The amount payable in respect of the Securities will be calculated using
price of the value of the Underlying Warrant on 16 May 2014 (the initial valuation
underlying date) and the value of the Underlying Warrant on 11 May 2020 (the final
valuation date).
The value of the Underlying Warrant on the final valuation date will be
determined by the Determination Agent taking into account the
applicable cash or physical settlement amount (as applicable) due on
exercise of such Underlying Warrant.
C.20 Type of Securities issued under the Base Prospectus will be derivative securities,
underlying reflecting the fact that the repayment of the Securities will be linked to
one or more underlying warrants, the value of which may fluctuate up or
down depending on the performance of one or more specified reference
assets.
Amounts payable on redemption of the Securities will be determined by
reference to the Underlying Warrant (ISIN:GB00B8MNMD99).
Information on the Underlying Warrant can be found at
http://group.barclays.com/prospectuses-and-
documentation/structured-securities/final-terms.
Section D - Risks
D.2 Key information Credit Risk: The Issuer is exposed to the risk of suffering loss if any of its
on the key risks customers, clients or market counterparties fails to fulfil its contractual
that are specific obligations. The Issuer may also suffer loss where the downgrading of an
to the Issuer entity's credit rating causes a fall in the value of the Issuer's investment in
that entity's financial instruments.
Weak or deteriorating economic conditions negatively impact these
counterparty and credit-related risks. In recent times, the economic
environment in the Issuer's main business markets (being Europe and the
United States) have been marked by generally weaker than expected
growth, increased unemployment, depressed housing prices, reduced
business confidence, rising inflation and contracting GDP. Operations in
the Eurozone remain affected by the ongoing sovereign debt crisis, the
stresses being exerted on the financial system and the risk that one or
more countries may exit the Euro. The current absence of a
predetermined mechanism for a member state to exit the Euro means
that it is not possible to predict the outcome of such an event and to
accurately quantify the impact of such event on the Issuer's profitability,
liquidity and capital. If some or all of these conditions persist or worsen,
they may have a material adverse effect on the Issuer's operations,
financial condition and prospects.
Market risk: The Issuer may suffer financial loss if the Issuer is unable to
adequately hedge its balance sheet. This could occur as a result of low
market liquidity levels, or if there are unexpected or volatile changes in
interest rates, credit spreads, commodity prices, equity prices and/or
foreign exchange rates.
Liquidity risk: The Issuer is exposed to the risk that it may be unable to
meet its obligations as they fall due as a result of a sudden, and
potentially protracted, increase in net cash outflows. These outflows
principally through customer withdrawals, wholesale
could
be
counterparties removing financing, collateral posting requirements or
loan draw-downs.
Capital risk: The Issuer may be unable to maintain appropriate capital
ratios, which could lead to: (i) an inability to support business activity; (ii)
a failure to meet regulatory requirements; and/or (iii) credit ratings
downgrades. Increased regulatory capital requirements and changes to
what constitutes capital may constrain the Issuer's planned activities and
could increase costs and contribute to adverse impacts on the Issuer's
earnings.
Legal and Regulatory-related risk: Non-compliance by the Issuer with
applicable laws, regulations and codes relevant to the financial services
industry could lead to fines, public reprimands, damage to reputation,
increased prudential requirements, enforced suspension of operations or,
in extreme cases, withdrawal of authorisations to operate.
Reputation Risk: Reputational damage reduces - directly or indirectly -
the attractiveness of the Issuer to stakeholders and may lead to negative
publicity, loss of revenue, litigation, regulatory or legislative action, loss
of existing or potential client business, reduced workforce morale, and
difficulties in recruiting talent. Sustained reputational damage could have
a materially negative impact on the Issuer's licence to operate and the
value of the Issuer's franchise, which in turn could negatively affect the
Issuer's profitability and financial condition.
Infrastructure Resilience, Technology and Cyberspace risk: The Issuer is
exposed to risks from cyberspace to its systems. If customer or
proprietary information held on, and/or transactions processed through
these systems, is breached, there could be a materially negative impact
on the Issuer's performance or reputation.
Taxation risk: The Issuer may suffer losses arising from additional tax
charges, other financial costs or reputational damage due to: failure to
comply with or correctly assess the application of, relevant tax law;
failure to deal with tax authorities in a timely, transparent and effective
manner; incorrect calculation of tax estimates for reported and forecast
tax numbers; or provision of incorrect tax advice.
D.6 Risk warning Investors in Securities may lose up to the entire value of their
that investors investment: Depending on the performance of the Underlying Assets,
may lose value the redemption amount payable to investors (whether at maturity or
of entire following an early redemption) may be less than the initial purchase
investment or price and could be as low as zero. The investor is also exposed to the
part of it credit risk of the Issuer and will lose up to the entire value of their
investment if the Issuer goes bankrupt or is otherwise unable to meet its
payment obligations. Investors may also lose some or all of their
investment if:
investors sell their Securities prior to maturity in the secondary
market at an amount that is less than the initial purchase price;
the Securities are redeemed early for reasons beyond the control
of the Issuer (such as following a change in applicable law, a
currency disruption event, an extraordinary market disruption, a
tax event affecting the Issuer's ability to fulfil its obligations
under the Securities, a Warrant Termination Event or the
performance of the Issuer's obligations becoming unlawful) and
the amount paid to investors is less than the initial purchase
price; and/or
accordance with the terms and conditions of the Securities) with
the result that the redemption amount payable to investors
and/or the value of the Securities is reduced.
Reinvestment risk / loss of yield: Following an early redemption of the
Securities for any reason, investors may be unable to reinvest the
redemption proceeds at an effective yield as high as the yield on the
Securities being redeemed.
Volatile market prices: the market value of the Securities is
unpredictable and may be highly volatile, as it can be affected by many
unpredictable factors, including: market interest and yield rates;
fluctuations in currency exchange rates; exchange controls; the time
remaining until the Securities mature; economic, financial, regulatory,
political, terrorist, military or other events in one or more jurisdictions;
changes in laws or regulations; the Issuer's creditworthiness or perceived
creditworthiness; and the performance of the relevant Underlying
$Aset(s)$ .
Securities are not "principal protected": Upon maturity of the Securities,
investors may lose some or all of their capital invested, depending on the
performance of the Underlying Asset(s).
Securities include embedded derivatives that are subject to adjustment:
The securities are linked to Underlying Asset(s) which are subject to
provisions which provide for adjustments and modifications of their
terms and alternative means of valuation of the Underlying Asset(s) in
certain circumstances (and which could be exercised by the Issuer in a
manner which has an adverse effect on the market value and/or amount
repayable in respect of the Securities).
Risks relating to Underlying Warrant: Investors are exposed to the
change in value of the Underlying Warrant(s) which may fluctuate up or
down depending on the performance of the Underlying Warrant
Reference Asset(s). The performance of the Underlying Warrant
Reference Assets may be subject to fluctuations that may not correlate
with other similar reference assets. Payments upon redemption will be
calculated by the change in value of the Underlying Warrant(s) since 16
May 2014. Any information about the past performance of the
Underlying Warrant(s) and/or the Underlying Warrant Reference Asset(s)
should not be taken as an indication of how prices will change in the
future. Investors in Securities linked to Underlying Warrant should also
note that the market value of both the Securities and the Underlying
Warrant will be affected by the ability, and the perceived ability, of
Barclays to fulfil its obligations under the instruments. The impact of any
inability, or perceived inability, of Barclays in this regard may be greater
in respect of the Securities as the Securities are linked to Underlying
Warrant that are issued by Barclays and it may negatively affect both the
value of the Underlying Warrant and the value of the Security.
Risks associated with specific Underlying Warrant Reference Asset(s):
As the Underlying Warrant Reference Assets are equity indices, the
Underlying Warrant may be subject to the risk of fluctuations in; market
interest rates; currency exchange rates; equity prices; commodity prices;
inflation; the value and volatility of the relevant equity index; and also to
economic, financial, regulatory, political, terrorist, military or other
events in one or more jurisdictions, including factors affecting capital
markets generally or the stock exchanges on which any such Underlying
Warrant may be traded. This could have an adverse effect on the value of
the Underlying Warrant which, in turn, will have an adverse effect on the
value of the Securities.
The capital invested in the Securities is at risk. Consequently, investors
may lose the value of their entire investment, or part of it.
Section E - Offer
E.2b Reasons for
offer and use of
proceeds when
different from
making profit
and/or hedging
certain risks
The net proceeds from each issue of Securities will be applied by the
Issuer for its general corporate purposes, which includes making a profit
and/or hedging certain risks. If the Issuer elects at the time of issuance of
Securities to make different or more specific use of proceeds, the Issuer
will describe that use in the Final Terms.
E.3 Description
of
the terms
and
conditions
of
offer
The terms and conditions of any offer of Securities to the public may be
determined by agreement between the Issuer and the dealer at the time
of each issue.
The Securities are offered subject to the following conditions:
Offer Price: 100 per cent of par (the "Issue Price")
Conditions to which the offer is subject: The Issuer reserves the right to
withdraw the offer for Securities at any time on or prior to the end of the
Offer Period.
Following withdrawal of the offer, if any application has been made by
any potential investor, each such potential investor shall not be entitled
to subscribe or otherwise acquire the Securities and any applications will
be automatically cancelled and any purchase money will be refunded to
the applicant by the Authorised Offeror in accordance with the
Authorised Offeror's usual procedures.
Description of the application process: An offer of the Securities may be
made by the Manager or the Authorised Offeror other than pursuant to
Article 3(2) of the Prospectus Directive in the United Kingdom (the
"Public Offer Jurisdiction") during the Offer Period.
Applications for the Securities can be made in the Public Offer
Jurisdiction through the Authorised Offeror during the Offer Period. The
Securities will be placed into the Public Offer Jurisdiction by the
Authorised Offeror. Distribution will be in accordance with the
Authorised Offeror's usual procedures, notified to investors by the
Authorised Offeror.
Details of the minimum and/or maximum amount of application: The
minimum and maximum amount of application from the Authorised
Offeror will be notified to investors by the Authorised Offeror.
Details of the method and time limits for paying up and delivering the
Securities: Investors will be notified by the Authorised Offeror of their
allocations of Securities and the settlement arrangements in respect
thereof.
Manner in and date on which results of the offer are to be made public:
Investors will be notified by the Authorised Offeror of their allocations of
Securities and the settlement arrangements in respect thereof.
Whether tranche(s) have been reserved for certain countries: Not
Applicable
Process for notification to applicants of the amount allotted and the
indication whether dealing may begin before notification is made: Each
investor will be notified by the Authorised Offeror of its allocation of
Securities at the time of such investor's application.
Name(s) and address(es), to the extent known to the Issuer, of the
placers in the various countries where the offer takes place: Not
Applicable
E.4 Description
of
interest
any
material
to
issue/offer
including
conflicting
interests
The relevant dealers or manager may be paid fees in relation to any issue
or offer of Securities. Potential conflicts of interest may exist between the
Issuer, Determination Agent, relevant dealers and/or manager or their
affiliates (who may have interests in transactions in derivatives related to
the Underlying Asset(s) which may, but are not intended to, adversely
affect the market price, liquidity or value of the Securities) and investors.
Any dealer/manager and its affiliates may be engaged, and may in the
future engage, in trading and market-making activities in the Underlying
Warrant and/or the Underlying Warrant Reference Asset and hedging
activities with respect to the Securities. The Issuer is the Determination
Agent in respect of the Securities and the determination agent in respect
of the Underlying Warrant.
E.7 Estimated
expenses
charged
to
investor
by
issuer/offeror
The Issuer will not charge any expenses to investors in connection with
any issue of Securities. Offerors may, however, charge expenses to
investors. Such expenses (if any) will be determined by agreement
between the offeror and the investors at the time of each issue.
Not Applicable; no expenses will be charged to the investor by the issuer
or the offeror.