Published on 3/26/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.7 million 10% autocallable reverse convertibles on First Solar
By Susanna Moon
Chicago, March 26 - Barclays Bank plc priced $5.15 million of 10% single observation autocallable reverse convertible notes due March 26, 2015 linked to First Solar, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par if First Solar shares close at or above the initial share price on any quarterly call date.
If the notes are not called, the payout at maturity will be par unless First Solar shares finishes below the protection level, 62.5% of the initial share price, in which case the payout will be a number of First Solar shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Single observation autocallable reverse convertible notes
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Underlying stock: | First Solar, Inc. (Symbol: FSLR)
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Amount: | $1.7 million
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Maturity: | March 26, 2015
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless final share price is less than protection level, in which case 13.54096 First Solar shares equal to $1,000 divided by the initial share price or, at issuer's option, cash value of those shares
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Call: | At par if First Solar shares close at or above initial share price on any quarterly call date
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Initial price: | $73.85
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Protection level: | $46.16, 62.5% of initial price
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Pricing date: | March 24
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Settlement date: | March 27
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Agent: | Barclays
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Fees: | 2.75%
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Cusip: | 06741J6T1
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