New Issue: Barclays upsizes 10.7% reverse convertibles on Genworth to $6 million

By Marisa Wong

Madison, Wis., Dec. 3 - Barclays Bank plc priced an additional $5 million of 10.7% annualized reverse convertible notes due May 27, 2011 linked to Genworth Financial, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

This brings the total deal size to $6 million. The original $1 million of reverse convertibles priced on Nov. 24.

The payout at maturity will be par in cash unless Genworth shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Genworth stock equal to $1,000 divided by the initial share price.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Genworth Financial, Inc. (Symbol: GNW)
Amount:	$6 million, up from $1 million
Maturity:	May 27, 2011
Coupon:	10.7%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Genworth shares fall below the protection price during the life of the notes and finish below the initial price, in which case 85.106383 shares of Genworth stock
Initial price:	$11.75
Protection price:	$8.81, 75% of initial price
Pricing date:	Nov. 24 for $1 million, Dec. 3 for $5 million
Settlement date:	Nov. 30 for $1 million, Dec. 6 for $5 million
Agent:	Barclays Capital
Fees:	1.625%
Cusip:	06740PJ31

© 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.