Published on 2/11/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.1 million 8.15% reverse convertibles on U.S. Oil Fund
By Jennifer Chiou
New York, Feb. 11 – Barclays Bank plc priced $1,095,000 of 8.15% reverse convertible notes due Feb. 12, 2016 linked to United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than the initial price and the shares have fallen below the knock-in barrier price - 60% of the initial price – during the life of the notes, in which case the payout will be a number of shares equal to $1,000 divided by the initial price or, at Barclays' option, a cash amount equal to the value of those shares.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying fund: | United States Oil Fund, LP
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Amount: | $1,095,000
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Maturity: | Feb. 12, 2016
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Coupon: | 8.15%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is lower than initial price and shares breach knock-in barrier price during life of notes, a number of fund shares equal to $1,000 divided by initial share price or cash equivalent; otherwise, par
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Initial price: | $19.47
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Knock-in barrier price: | $11.68, 60% of initial price
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Pricing date: | Feb. 6
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Settlement date: | Feb. 12
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Agent: | Barclays
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Fees: | 1.25%
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Cusip: | 06741JZ77
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