Published on 2/18/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $10 million more 8.5% reverse convertibles linked to Schlumberger
By Susanna Moon
Chicago, Feb. 18 - Barclays Bank plc priced $10 million more of 8.5% reverse convertible notes due Dec. 28, 2010 based on Schlumberger NV (Schlumberger Ltd.) shares, according to a 424B3 filing with the Securities and Exchange Commission.
This brings the total deal size to $13 million. Barclays issued $3 million of the notes on Dec. 31.
The payout at maturity will be par in cash unless Schlumberger shares fall below the protection price of $48.92, 75% of the initial price of $65.23, during the life of the notes and finish below the initial price in which case the payout will be 15.330369 shares of Schlumberger stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Schlumberger NV (Schlumberger Ltd.) (Symbol: SLB)
|
Amount: | $13 million, up from $3 million
|
Maturity: | Dec. 28, 2010
|
Coupon: | 8.5%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Schlumberger shares fall below the protection price of $48.92, 75% of the initial price, and finish below the initial price, in which case 15.330369 shares of Schlumberger stock
|
Initial price: | $65.23
|
Protection price: | $48.92, 75% of $65.23
|
Exchange ratio: | 15.330369
|
Pricing date: | Dec. 23 for $3 million; Feb. 17 for $10 million
|
Settlement date: | Dec. 31 for $3 million; Feb. 18 for $10 million
|
Agent: | Barclays Capital
|
Fees: | 2.5%
|
Cusip: | 06740JBJ8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.