By Marisa Wong
Madison, Wis., Aug. 23 - Barclays Bank plc priced $1 million of 10% single observation reverse convertible notes due Aug. 22, 2014 linked to Hewlett-Packard Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Hewlett-Packard stock closes at or above the initial price on any call valuation date, the notes will be automatically called at par plus accrued interest. The call valuation dates are Nov. 18, Feb. 14 and May 16, 2014.
The payout at maturity will be par in cash unless Hewlett-Packard shares finish below the protection price, 75% of the initial price, in which case the payout will be a number of Hewlett-Packard shares equal to $1,000 principal amount divided by the initial share price.
Barclays is the underwriter.
| Issuer: | Barclays Bank plc
|
| Issue: | Single observation callable reverse convertible notes
|
| Underlying stock: | Hewlett-Packard Co. (Symbol: HPQ)
|
| Amount: | $1 million
|
| Maturity: | Aug. 22, 2014
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Hewlett-Packard shares finish below protection price, in which case 38.63988 Hewlett-Packard shares
|
| Call: | Automatically at par plus accrued interest if Hewlett-Packard shares close at or above initial price on Nov. 18, Feb. 14 or May 16, 2014
|
| Initial price: | $25.84
|
| Protection price: | $19.38, 75% of initial price
|
| Exchange ratio: | 38.63988
|
| Pricing date: | Aug. 20
|
| Settlement date: | Aug. 23
|
| Underwriter: | Barclays
|
| Fees: | 2.75%
|
| Cusip: | 06741J3V9
|
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