By Marisa Wong
Milwaukee, March 23 - Barclays Bank plc priced $2 million of 14% annualized callable reverse convertible notes due Sept. 23, 2010 linked to the common stock of Steel Dynamics Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Steel Dynamics stock closes at or above the initial share price on May 19 or July 19.
If the notes are not called, the payout at maturity will be par in cash unless Steel Dynamics shares fall below the protection price of $13.04, 75% of the initial share price of $17.39, during the life of the notes and finish below the initial price, in which case the payout will be 57.504313 shares of Steel Dynamics stock or a cash amount equal to par reduced by the percentage decrease in the share price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Steel Dynamics Inc. (Symbol: STLD)
|
| Amount: | $2 million
|
| Maturity: | Sept. 23, 2010
|
| Coupon: | 14%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Steel Dynamics shares fall below protection price during life of notes and finish below initial price, 57.504313 Steel Dynamics shares or cash equal to par minus percentage decrease in share price; otherwise, par
|
| Call: | Automatically at par if Steel Dynamics stock closes at or above initial share price on May 19 or July 19
|
| Initial share price: | $17.39
|
| Protection price: | $13.04, 75% of initial price
|
| Exchange ratio: | 57.504313
|
| Pricing date: | March 19
|
| Settlement date: | March 24
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06740LBA2
|
© 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.
