Published on 3/8/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million more 8.25% reverse convertibles on MetLife
By Toni Weeks
San Diego, March 8 - Barclays Bank plc priced an additional $1 million of 8.25% reverse convertible notes due Feb. 28, 2013 linked to MetLife, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the deal size to $1.1 million. The initial $100,000 of notes priced on Feb. 24.
The payout at maturity will be par in cash unless MetLife shares fall below the protection price of $28.32, 75% of the initial price of $37.76, during the life of the notes and finish below the initial price in which case the payout will be 26.483051 shares of MetLife stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | MetLife, Inc. (Symbol: MET)
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Amount: | $1.1 million, increased from $100,000
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Maturity: | Feb. 28, 2013
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Coupon: | 8.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless MetLife shares fall below the protection price of $28.32, 75% of the initial price, and finish below the initial price, in which case 26.483051 shares of MetLife stock
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Initial price: | $37.76
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Protection price: | $28.32, 75% of $37.76
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Exchange ratio: | 26.483051
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Pricing dates: | Feb. 24 for $100,000; March 6 for $1 million
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Settlement dates: | Feb. 29 for $100,000; March 9 for $1 million
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Agent: | Barclays Capital
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Fees: | 1.5%
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Cusip: | 06741JRN1
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