Published on 12/5/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 15.25% reverse convertibles tied to 3D Systems
By Toni Weeks
San Luis Obispo, Calif., Dec. 5 – Barclays Bank plc priced $500,000 of 15.25% reverse convertible notes due June 8, 2015 linked to 3D Systems Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
A knock-in event occurs if the share price closes below the knock-in barrier price, 75% of the initial price, on any day during the life of the notes.
The payout at maturity will be par if the final price is equal to or greater than the initial price or if the stock return is negative but a knock-in event has not occurred. If the final price is less than the initial price and a knock-in event has occurred, the payout will be par plus the stock return or, at the issuer’s option, a number of 3D Systems shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | 3D Systems Corp. (Symbol: DDD)
|
| Amount: | $500,000
|
| Maturity: | June 8, 2015
|
| Coupon: | 15.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if 3D Systems stock finishes at or above initial share price or stock return is negative but a knock-in event never occurred; if final price is less than initial price and knock-in event occurred, par plus stock return or, at issuer’s option, 29.29974 3D Systems shares
|
| Knock-in event: | Occurs if share price closes below knock-in barrier price on any day during the life of the notes
|
| Initial share price: | $34.13 (closing price on Dec. 2)
|
| Knock-in barrier price: | $25.60, 75% of initial share price
|
| Pricing date: | Dec. 3
|
| Settlement date: | Dec. 8
|
| Agent: | Barclays
|
| Fees: | 1%
|
| Cusip: | 06741JY52
|
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