Published on 12/15/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 11.45% reverse convertibles linked to 3M
By Angela McDaniels
Tacoma, Wash., Dec. 15 - Barclays Bank plc priced $500,000 of reverse convertible notes due March 17, 2009 linked to the common stock of 3M Co., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 2.8625% for an annualized coupon of 11.45%. Interest is payable monthly.
The payout at maturity will be par unless 3M stock falls below the protection level - 70% of the initial share price - during the life of the notes and the final share price is less than the initial price, in which case the payout will be a number of 3M shares equal to $1,000 divided by the initial price or, at Barclay's option, the value of those shares in cash.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | 3M Co. (Symbol: MMM)
|
Amount: | $500,000
|
Maturity: | March 17, 2009
|
Coupon: | 11.45%, payable monthly
|
Price: | Par
|
Payout at maturity: | If 3M stock falls below protection level during life of notes and finishes below initial price, 17.0844397 3M shares or equivalent in cash; otherwise, par
|
Initial share price: | $56.04
|
Protection level: | $39.23, 70% of initial price
|
Pricing date: | Dec. 12
|
Settlement date: | Dec. 17
|
Agent: | Barclays Capital Inc.
|
Fees: | 1.375%
|
© 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.