Published on 5/25/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million more 14% reverse convertibles on Schlumberger
By Toni Weeks
San Diego, May 25 - Barclays Bank plc priced another $1 million of 14% reverse convertible notes due Oct. 17, 2012 linked to Schlumberger NV shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $3.58 million. The initial $580,000 of the notes priced Oct. 14, 2011, and another $2 million of the notes priced Nov. 29, 2011.
The payout at maturity will be par in cash unless Schlumberger shares fall below the protection price of $53.21, 75% of the initial price of $70.94, during the life of the notes and finish below the initial price, in which case the payout will be 14.09642 shares of Schlumberger stock.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Schlumberger NV (Symbol: SLB)
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Amount: | $3.58 million (up from original $580,000)
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Maturity: | Oct. 17, 2012
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Schlumberger shares fall below the protection price of $53.21, 75% of the initial price, and finish below the initial price, in which case 14.09642 shares of Schlumberger stock
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Initial price: | $70.94
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Protection price: | $53.21, 75% of $70.94
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Exchange ratio: | 14.09642
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Pricing dates: | Oct. 14 for $580,000; Nov. 29 for $2 million; May 24 for $1 million add-on
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Settlement dates: | Oct. 19 for $580,000; Dec. 2 for $2 million; May 30 for $1 million add-on
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Agent: | Barclays Capital Inc.
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Fees: | 1.5% for $580,000; 2.1% for add-ons
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Cusip: | 06741JPB9
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