Published on 3/20/2013 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $250,000 12% reverse convertibles linked to Monster Beverage
New York, March 20 - Barclays Bank plc priced $250,000 of 12% reverse convertible notes due June 21, 2013 linked to Monster Beverage Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Monster Beverage shares fall below the protection price of $37.25, 77% of the initial price of $48.38, during the life of the notes and finish below the initial price in which case the payout will be 20.6697 shares of Monster Beverage stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Monster Beverage Corp. (Symbol: MNST)
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Amount: | $250,000
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Maturity: | June 21, 2013
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Monster Beverage shares fall below the protection price of $37.25, 77% of the initial price, and finish below the initial price, in which case 20.6697 shares of Monster Beverage stock
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Initial price: | $48.38
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Protection price: | $37.25, 77% of $48.38
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Exchange ratio: | 20.6697
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Pricing date: | March 18
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Settlement date: | March 21
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Agent: | Barclays Capital
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Cusip: | 06741JYN3
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