Published on 4/8/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $250,000 7.5% reverse convertibles linked to Occidental Petroleum
New York, April 8 - Barclays Bank plc priced $250,000 of 7.5% reverse convertible notes due April 9, 2014 linked to Occidental Petroleum Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Occidental Petroleum shares fall below the protection price of $65.46, 80% of the initial price of $81.82, during the life of the notes and finish below the initial price in which case the payout will be 12.22195 shares of Occidental Petroleum stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Occidental Petroleum Corp. (Symbol: OXY)
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Amount: | $250,000
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Maturity: | April 9, 2014
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Coupon: | 7.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Occidental Petroleum shares fall below the protection price of $65.46, 80% of the initial price, and finish below the initial price, in which case 12.22195 shares of Occidental Petroleum stock
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Initial price: | $81.82
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Protection price: | $65.46, 80% of $81.82
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Exchange ratio: | 12.22195
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Pricing date: | April 5
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Settlement date: | April 10
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Agent: | Barclays Capital
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Cusip: | 06741JYZ6
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