Published on 7/18/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $300,000 12% reverse convertibles linked to Sears Holdings
New York, July 18 - Barclays Bank plc priced $300,000 of 12% reverse convertible notes due Oct. 21, 2013 linked to Sears Holdings Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Sears Holdings shares fall below the protection price of $33.07, 75.50% of the initial price of $43.80, during the life of the notes and finish below the initial price in which case the payout will be 22.83105 shares of Sears Holdings stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Sears Holdings Corp. (Symbol: SHLD)
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Amount: | $300,000
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Maturity: | Oct. 21, 2013
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Sears Holdings shares fall below the protection price of $33.07, 75.50% of the initial price, and finish below the initial price, in which case 22.83105 shares of Sears Holdings stock
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Initial price: | $43.80
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Protection price: | $33.07, 75.50% of $43.80
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Exchange ratio: | 22.83105
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Pricing date: | July 16
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Settlement date: | July 19
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Agent: | Barclays Capital
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Cusip: | 06741J3N7
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