Published on 2/14/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million more 10.5% reverse convertibles linked to Halliburton
By Susanna Moon
Chicago, Feb. 14 - Barclays Bank plc priced another $1 million of 10.5% reverse convertible notes due Jan. 30, 2013 linked to Halliburton Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $3.2 million, up from $200,000. The issuer previously priced a $2 million add-on on Feb. 6.
The payout at maturity will be par in cash unless Halliburton shares fall below the protection price of $27.12, 75% of the initial price of $36.16, during the life of the notes and finish below the initial price in which case the payout will be 27.654867 shares of Halliburton stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Halliburton Co. (Symbol: HAL)
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Amount: | $3.2 million, up from $200,000
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Maturity: | Jan. 30, 2013
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Halliburton shares fall below the protection price of $27.12, 75% of the initial price, and finish below the initial price, in which case 27.654867 shares of Halliburton stock
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Initial price: | $36.16
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Protection price: | $27.12, 75% of $36.16
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Exchange ratio: | 27.654867
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Pricing date: | Jan. 26 for $200,000; Feb. 6 for $2 million; Feb. 10 for $1 million
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Settlement date: | Jan. 31 for $200,000; Feb. 9 for $2 million; Feb. 15 for $1 million
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06741JRD3
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