Published on 5/25/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million more 14.5% reverse convertible notes linked to MetLife
By Toni Weeks
San Diego, May 25 - Barclays Bank plc priced an additional $1 million of 14.5% annualized reverse convertible notes due Dec. 28, 2012 linked to MetLife Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $1.4 million. The initial $400,000 of the notes priced Dec. 27.
The payout at maturity will be par in cash unless MetLife shares fall below $21.84, 70% of the initial price, during the life of the notes and finish below the initial price, in which case the payout will be a number of MetLife shares equal to $1,000 divided by the initial price.
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: | $1.4 million, increased from $400,000
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Maturity: | Dec. 28, 2012
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Coupon: | 14.5%, payable monthly
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Price: | Variable
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Payout at maturity: | Par in cash unless MetLife shares fall below the protection price of $21.84, 70% of the initial price, and finish below the initial price, in which case 32.051282 shares of MetLife stock
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Initial price: | $31.20
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Protection price: | $21.84, 70% of $31.20
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Exchange ratio: | 32.051282
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Pricing dates: | Dec. 27 for $400,000; May 22 for $1 million add-on
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Settlement dates: | Dec. 30 for $400,000; May 25 for $1 million add-on
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Agent: | Barclays Capital
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Fees: | 1.5%
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Cusip: | 06741JPX1
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