Bloomberg reported that Barclays plc (NYSE:BCS) sold $61 million worth of one-year notes tied to palladium, which in 2013 was the only precious metal that didn’t lose value. That is the largest offering connected to the metal in at least four years.
As quoted in the market news:
The securities, issued on Jan. 2, yield 1.4 times palladium’s gains to a maximum of 14 percent with protection against 10 percent of losses and all capital at risk, according to a prospectus filed with the U.S. Securities and Exchange Commission. The bank estimated the securities’ initial value at 98.9 cents on the dollar.