Published on 10/26/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million more 9% reverse convertibles linked to Apple
By Susanna Moon
Chicago, Oct. 26 - Barclays Bank plc priced another $1 million of 9% reverse convertible notes due March 28, 2013 linked to Apple Inc. shares, bringing the total issue size to $20.9 million, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Apple shares fall below the protection price of $494.10, 80% of the initial price of $617.62, during the life of the notes and finish below the initial price, in which case the payout will be 1.619119 shares of Apple stock.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
|
| Amount: | $20.9 million (up from original $900,000)
|
| Maturity: | March 28, 2013
|
| Coupon: | 9%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Apple shares fall below the protection price of $494.10, 80% of the initial price, and finish below the initial price, in which case 1.619119 shares of Apple stock
|
| Initial price: | $617.62
|
| Protection price: | $494.10, 80% of $617.62
|
| Exchange ratio: | 1.619119
|
| Pricing dates: | March 28 for original $900,000; April 11 for $2 million; April 17 for $2.5 million; April 19 for $2 million; April 26 for $2 million; June 19 for $2 million; July 16 for $2 million; July 24 for $1 million; July 26 for $1 million; July 30 for $3 million; Aug. 13 for $500,000; Oct. 19 for $1 million; Oct. 25 for $1 million
|
| Settlement dates: | March 30 for original $900,000; April 16 for first add-on; April 20 for second add-on; April 24 for third add-on; May 1 for fourth add-on; June 22 for fifth add-on; July 19 for sixth add-on; July 26 for seventh add-on; July 31 for eighth add-on; Aug. 2 for ninth add-on; Aug. 16 for latest add-on; Oct. 24 for $1 million; Oct. 30 for $1 million
|
| Agent: | Barclays
|
| Fees: | 2.4%
|
| Cusip: | 06741JSU4
|
© 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.
