By Angela McDaniels
Tacoma, Wash., Jan. 13 - Barclays Bank plc priced $1.5 million of buffered reverse convertible notes due April 15, 2009 linked to the common stock of SunPower Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 5% for an annualized coupon of 20%. Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than 75% of the initial price, in which case the payout will be $250 in cash plus a number of SunPower shares equal to $1,000 divided by the initial share price. At its option, Barclays can pay an equivalent amount of cash instead of the shares.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered reverse convertible notes
|
| Underlying stock: | SunPower (Symbol: SPWRA)
|
| Amount: | $1.5 million
|
| Maturity: | April 15, 2009
|
| Coupon: | 20%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price is less than protection price, $250 in cash plus 25.866529 SunPower shares; otherwise, par
|
| Initial share price: | $38.66
|
| Protection price: | $29.00, 75% of initial price
|
| Pricing date: | Jan. 9
|
| Settlement date: | Jan. 14
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.375%
|
© 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.
