Barclays Capital has filed a corn futures-linked note with the Securities & Exchange Commission following two successful offerings by Merrill Lynch, which raised a collective $90m.
Barclays Capital Trigger Autocallable Optimization Securities is a one-year knockout, protected tracker with quarterly observation dates. The notes will be called if their price on any valuation date is equal to or above their initial price, paying between 25% and 30% annualised (TBC). The downside barrier is 80% with one-for-one downside.
The notes will be sold through UBS Financial Services' network of financial representatives; they will strike later this month.
This product will appear shortly in Recent Additions (US).