Published on 5/16/2014 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $72.44 million 0% synthetic convertibles linked to Freeport-McMoRan
By Susanna Moon
Chicago, May 16 - Barclays Bank plc priced $72.44 million of 0% synthetic convertible notes due May 20, 2021 linked to the Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be the greater of par and the alternative redemption amount. The alternative redemption amount per note will be $1,000 times the final stock level divided by the threshold value, which will be 117% of the initial index level.
The notes are callable beginning May 13, 2019.
Barclays is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Synthetic convertible notes
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
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Amount: | $72,435,000
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Maturity: | May 20, 2021
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Coupon: | 0%
|
Price: | Par
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Payout at maturity: | Greater of par and alternative redemption amount, which will be par times the final stock level divided by threshold level
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Initial level: | $35.38142
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Threshold level: | $41.3962614, 117% of initial index level
|
Call option: | Beginning May 13, 2019
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Pricing date: | May 13
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Settlement date: | May 20
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Agent: | Barclays
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Fees: | None
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Cusip: | 06742K212 / US06742K2125
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