Published on 10/5/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million more 9% reverse convertibles linked to Apple
By Susanna Moon
Chicago, Oct. 5 - Barclays Bank plc priced another $1 million of 9% reverse convertible notes due Sept. 18, 2013 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $2,625,000. The issuer priced $625,000 of the notes on Sept. 14 and another $1 million of notes on Sept. 27.
The payout at maturity will be par in cash unless Apple shares fall below the protection price of $553.02, 80% of the initial price of $691.28, during the life of the notes and finish below the initial price in which case the payout will be 1.44659 shares of Apple stock.
Barclays is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Apple Inc. (Symbol: AAPL)
|
Amount: | $2,625,000, increased from $625,000
|
Maturity: | Sept. 18, 2013
|
Coupon: | 9%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Apple shares fall below the protection price of $553.02, 80% of the initial price, and finish below the initial price, in which case 1.44659 shares of Apple stock
|
Initial price: | $691.28
|
Protection price: | $553.02, 80% of $691.28
|
Exchange ratio: | 1.44659
|
Pricing dates: | Sept. 14 for $625,000; Sept. 27 for $1 million; Oct. 4 for $1 million
|
Settlement dates: | Sept. 19 for $625,000; Oct. 2 for $1 million; Oct. 10 for $1 million
|
Agent: | Barclays
|
Fees: | 2.5%
|
Cusip: | 06741JR43
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.