Published on 3/25/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5.15 million of 8.15% reverse convertibles on Kansas City Southern
By Marisa Wong
Madison, Wis., March 25 - Barclays Bank plc priced $5.15 million of 8.15% single observation autocallable reverse convertible notes due March 25, 2015 linked to the common stock of Kansas City Southern, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if Kansas City Southern shares close at or above the initial share price on June 19, 2014, Sept. 19, 2014 or Dec. 18, 2014.
If the notes are not called, the payout at maturity will be par unless the final share price is less than the protection level, 75% of the initial share price, in which case the payout will be a number of Kansas City Southern shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash value of those shares.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Single observation autocallable reverse convertible notes
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Underlying stock: | Kansas City Southern (Symbol: KSU)
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Amount: | $5.15 million
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Maturity: | March 25, 2015
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Coupon: | 8.15%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless final share price is less than protection level, in which case 10.144045 Kansas City Southern shares equal to $1,000 divided by the initial share price or, at issuer's option, cash value of those shares
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Call: | At par if Kansas City Southern shares close at or above initial share price on June 19, 2014, Sept. 19, 2014 or Dec. 18, 2014
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Initial price: | $98.58
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Protection level: | $73.94, 75% of initial price
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Pricing date: | March 21
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Settlement date: | March 26
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Agent: | Barclays
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Fees: | 2.5%
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Cusip: | 06741J6X2
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