Published on 1/24/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $555,000 16.26% reverse convertibles linked to Tesla Motors
New York, Jan. 24 - Barclays Bank plc priced $555,000 of 16.26% reverse convertible notes due July 25, 2014 linked to Tesla Motors, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Tesla Motors shares fall below the protection price of $132.51, 75% of the initial price of $176.68, during the life of the notes and finish below the initial price in which case the payout will be 5.65995 shares of Tesla Motors stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Tesla Motors, Inc. (Symbol: TSLA)
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Amount: | $555,000
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Maturity: | July 25, 2014
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Coupon: | 16.26%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Tesla Motors shares fall below the protection price of $132.51, 75% of the initial price, and finish below the initial price, in which case 5.65995 shares of Tesla Motors stock
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Initial price: | $176.68
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Protection price: | $132.51, 75% of $176.68
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Exchange ratio: | 5.65995
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Pricing date: | Jan. 22
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Settlement date: | Jan. 27
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Agent: | Barclays Capital
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Cusip: | 06741J6C8
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