Published on 8/25/2015 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.38 million 7.75% reverse convertibles linked to Disney
By Angela McDaniels
Tacoma, Wash., Aug. 25 – Barclays Bank plc priced $4.38 million of 7.75% reverse convertible notes due Aug. 24, 2016 linked to Walt Disney Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par in cash unless Disney shares close below the knock-in barrier price, 75% of the initial share price, during the life of the notes and finish below the initial price, in which case investors will lose 1% for every 1% that the final share price is less than the initial share price or, at the issuer’s option, receive a number of Disney shares equal to $1,000 divided by the initial share price.
Barclays is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Walt Disney Co. (Symbol: DIS)
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Amount: | $4,383,000
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Maturity: | Aug. 24, 2016
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Coupon: | 7.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Disney shares close below knock-in barrier price during life of notes and finish below initial price, in which case full exposure to stock’s decline or, at the issuer’s option, receipt of 9.98901 Disney shares
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Initial share price: | $100.11
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Knock-in barrier price: | $75.08, 75% of initial share price
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Pricing date: | Aug. 21
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Settlement date: | Aug. 26
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Agent: | Barclays
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Fees: | 0.25%
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Cusip: | 06741WBC3
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