Published on 11/20/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.4 million 12% reverse convertibles linked to Hertz Global
New York, Nov. 20 - Barclays Bank plc priced $1.4 million of 12% reverse convertible notes due Nov. 21, 2013 linked to Hertz Global Holdings, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Hertz Global shares fall below the protection price of $9.61, 65% of the initial price of $14.79, during the life of the notes and finish below the initial price in which case the payout will be 67.61325 shares of Hertz Global stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Hertz Global Holdings, Inc. (Symbol: HTZ)
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Amount: | $1.4 million
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Maturity: | Nov. 21, 2013
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Hertz Global shares fall below the protection price of $9.61, 65% of the initial price, and finish below the initial price, in which case 67.61325 shares of Hertz Global stock
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Initial price: | $14.79
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Protection price: | $9.61, 65% of $14.79
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Exchange ratio: | 67.61325
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Pricing date: | Nov. 19
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Settlement date: | Nov. 23
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Agent: | Barclays Capital
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Cusip: | 06741JUV9
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