By Marisa Wong
Milwaukee, May 21 - Barclays Bank plc priced $1.5 million of 12% annualized callable reverse convertible notes due Nov. 26, 2010 linked to General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if General Electric stock closes at or above the initial share price on July 21 or Sept. 22.
The payout at maturity will be par in cash unless General Electric shares fall below the protection price of $11.38, 70% of the initial price of $16.26, during the life of the notes and finish below the initial price, in which case the payout will be 61.500615 shares of General Electric stock.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Callable reverse convertible notes
|
Underlying stock: | General Electric Co. (Symbol: GE)
|
Amount: | $1.5 million
|
Maturity: | Nov. 26, 2010
|
Coupon: | 12% per year, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless General Electric shares fall below the protection price of $11.38, 70% of initial price, during life of notes and finish below initial price, in which case 61.500615 shares of General Electric stock
|
Call: | Automatically at par if General Electric stock closes at or above initial share price on July 21 or Sept. 22
|
Initial price: | $16.26
|
Protection price: | $11.38, 70% of $16.26
|
Exchange ratio: | 61.500615
|
Pricing date: | May 20
|
Settlement date: | May 25
|
Agent: | Barclays Capital Inc.
|
Fees: | 2.25%
|
Cusip: | 06740LP33
|
© 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.