Published on 2/27/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $480,000 9% reverse convertible notes on National Oilwell
By Jennifer Chiou
New York, Feb. 27 – Barclays Bank plc priced $480,000 of 9% annualized reverse convertible notes due May 27, 2015 linked to the common stock of National Oilwell Varco, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than the knock-in price - 75% of the initial price - in which case the payout will be a number of National Oilwell shares equal to $1,000 divided by the initial share price or, at Barclays' option, a cash amount equal to the value of those shares.
The issuer’s estimated value of the notes on the initial valuation date, based on internal pricing models, is $998.60 per note.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
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| Underlying stock: | National Oilwell Varco, Inc. (Symbol: NOV)
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| Amount: | $480,000
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| Maturity: | May 27, 2015
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| Coupon: | 9% per year, payable monthly
|
| Price: | Par
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| Payout at maturity: | If final share price is lower than knock-in price, a number of National Oilwell shares equal to $1,000 divided by initial share price or cash equivalent; otherwise, par
|
| Initial price: | $54.68
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| Knock-in price: | $41.01, 75% of initial price
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| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 27
|
| Agent: | Barclays
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| Fees: | None
|
| Cusip: | 06741JZ85
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