Published on 9/26/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $540,000 20% reverse convertibles tied to GT Advanced Technologies
By Susanna Moon
Chicago, Sept. 26 – Barclays Bank plc priced $540,000 of 20% reverse convertible notes due March 27, 20155 linked to GT Advanced Technologies Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless the stock finishes below the initial level or if the stock ever closes below the knock-in barrier level, 60% of the initial price, on any day during the life of the notes, in which case the payout will be par plus the stock return or, at the issuer’s option, a number of GT Advanced Technologies shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | GT Advanced Technologies Inc. (Symbol: GTAT)
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Amount: | $540,000
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Maturity: | March 27, 2015
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless GT Advanced Technologies stock falls or ever dips below barrier level; otherwise, par plus stock return or, at issuer’s option, 85.25149 GT Advanced Technologies shares
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Initial share price: | $11.73
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Barrier level: | $7.04, 60% of initial share price
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Pricing date: | Sept. 24
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Settlement date: | Sept. 29
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Agent: | Barclays
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Fees: | 0.75%
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Cusip: | 06741JW96
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