Published on 5/27/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million 12.75% reverse convertibles linked to Seagate
New York, May 27 - Barclays Bank plc priced $10 million of 12.75% reverse convertible notes due Nov. 30, 2011 linked to Seagate Technology shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Seagate shares fall below the protection price of $13.41, 80% of the initial price of $16.76, during the life of the notes and finish below the initial price in which case the payout will be 59.665871 shares of Seagate stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Seagate Technology (Symbol: STX)
|
Amount: | $10 million
|
Maturity: | Nov. 30, 2011
|
Coupon: | 12.75%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Seagate shares fall below the protection price of $13.41, 80% of the initial price, and finish below the initial price, in which case 59.665871 shares of Seagate stock
|
Initial price: | $16.76
|
Protection price: | $13.41, 80% of $16.76
|
Exchange ratio: | 59.665871
|
Pricing date: | May 25
|
Settlement date: | May 31
|
Agent: | Barclays Capital
|
Fees: | 1.3%
|
Cusip: | 06741JGQ6
|
© 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.