Published on 2/18/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays sells another $10 million 9% reverse convertibles on Hartford Financial
By Susanna Moon
Chicago, Feb. 18 - Barclays Bank plc priced another $10 million of 9% reverse convertible notes due Jan. 28, 2011 linked to Hartford Financial Services Group, Inc. shares, according to a 424B3 filing with the Securities and Exchange Commission.
The add-on brings the total issue to $12 million. Barclays sold $2 million of the notes on Jan. 29.
The payout at maturity will be par in cash unless Hartford Financial shares fall below the protection price of $18.31, 75% of the initial price of $24.41, during the life of the notes and finish below the initial price in which case the payout will be 40.966817 shares of Hartford Financial stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Hartford Financial Services Group, Inc. (Symbol: HIG)
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Amount: | $12 million, up from $2 million
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Maturity: | Jan. 28, 2011
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Hartford Financial shares fall below the protection price of $18.31, 75% of the initial price, and finish below the initial price, in which case 40.966817 shares of Hartford Financial stock
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Initial price: | $24.41
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Protection price: | $18.31, 75% of $24.41
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Exchange ratio: | 40.966817
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Pricing dates: | Jan. 26 for $2 million; Feb. 17 for $10 million
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Settlement dates: | Jan. 29 for $2 million; Feb. 18 for $10 million
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Agent: | Barclays Capital
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Fees: | 2.125%
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Cusip: | 06740JNT3
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