Published on 7/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million 10.9% reverse convertibles linked to Sandisk
New York, July 28 - Barclays Bank plc priced $10 million of 10.9% reverse convertible notes due Jan. 31, 2012 linked to Sandisk Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Sandisk shares fall below the protection price of $35.08, 80% of the initial price of $43.85, during the life of the notes and finish below the initial price in which case the payout will be 22.805017 shares of Sandisk stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Sandisk Corp. (Symbol: SNDK)
|
Amount: | $10 million
|
Maturity: | Jan. 31, 2012
|
Coupon: | 10.9%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Sandisk shares fall below the protection price of $35.08, 80% of the initial price, and finish below the initial price, in which case 22.805017 shares of Sandisk stock
|
Initial price: | $43.85
|
Protection price: | $35.08, 80% of $43.85
|
Exchange ratio: | 22.805017
|
Pricing date: | July 26
|
Settlement date: | July 29
|
Agent: | Barclays Capital
|
Fees: | 1.625%
|
Cusip: | 06741JKQ1
|
© 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.