New Issue: Barclays sells $2 million 10% reverse convertibles linked to Broadcom

By Angela McDaniels

Seattle, April 26 - Barclays Bank plc priced $2 million of 10% reverse convertible notes due April 27, 2007 linked to Broadcom Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Broadcom stock stays at or above the protection price during the life of the notes or finishes at or above the initial share price. Otherwise, the payout will be a number of shares of Broadcom stock equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Broadcom Corp.
Amount:	$2 million
Maturity:	April 27, 2007
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Broadcom stock stays at or above $29.12 during the life of the notes or finishes at or above the initial price; otherwise 24.038 shares of Broadcom stock
Initial share price:	$41.60
Protection price:	$29.12, 70% of initial share price
Pricing date:	April 25
Settlement date:	April 28
Underwriter:	Barclays Capital

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.