New Issue: Barclays sells $275,000 7.35% single observation reverse convertibles on Apple

By Marisa Wong

Madison, Wis., Nov. 14 - Barclays Bank plc priced $275,000 of 7.35% single observation reverse convertible notes due Nov. 15, 2013 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If the final share price is lower than the protection price, 70% of the initial share price, the payout at maturity will be a number of Apple shares equal to $1,000 divided by the initial share price or, at Barclays' option, a cash amount equal to the value of those shares. Otherwise, the payout will be par.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Single observation reverse convertible notes
Underlying stock:	Apple Inc. (Symbol: AAPL)
Amount:	$275,000
Maturity:	Nov. 15, 2013
Coupon:	7.35%, payable monthly
Price:	Par
Payout at maturity:	If final share price is lower than protection price, a number of Apple shares equal to $1,000 divided by initial share price or cash equivalent; otherwise, par
Initial price:	$542.59
Protection price:	$379.81, 70% of initial price
Exchange ratio:	1.84301
Pricing date:	Nov. 13
Settlement date:	Nov. 16
Agent:	Barclays
Fees:	0.5%
Cusip:	06741JUT4

© 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.