Published on 6/19/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $300,000 12% reverse convertibles linked to PulteGroup
New York, June 19 - Barclays Bank plc priced $300,000 of 12% reverse convertible notes due Sept. 23, 2013 linked to PulteGroup Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless PulteGroup shares fall below the protection price, 76% of the initial price of $20.04, during the life of the notes and finish below the initial price in which case the payout will be PulteGroup shares equal to $1,000 principal amount divided by the initial price.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | PulteGroup Inc. (Symbol: PHM)
|
| Amount: | $300,000
|
| Maturity: | Sept. 23, 2013
|
| Coupon: | 12%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless PulteGroup shares fall below the protection price, 76% of the initial price, and finish below the initial price, in which case PulteGroup shares equal to $1,000 principal amount divided by the initial price
|
| Initial price: | $20.04
|
| Protection price: | $15.23, 76% of $20.04
|
| Pricing date: | June 18
|
| Settlement date: | June 21
|
| Agent: | Barclays Capital
|
| Cusip: | 06741J2Y4
|
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