US Wrap: Reverse convertible bets on derivative stock
Barclays Bank has launched a new reverse convertible linked to the stock of InterContinental Exchange, which operates online trading for over-the-counter derivative products. The note lasts six months and pays a 17.25% annualised coupon, with a stock barrier of 80%.
The launch was one of five new products issued into the market at the close of last week, all reverse convertible notes. ABN Amro unveiled a single note linked to Diamond Offshore Drilling, while Barclays was responsible for the rest of the offerings.
Issuer
Product type
Underlying
Pricing date
Maturity date
Barclays Bank PLC
Reverse Convertible
Fortune Brands
May 26 2009
Aug 31 2009
Barclays Bank PLC
Reverse Convertible
Inter Continental Exchange
May 26 2009
Nov 30 2009
Barclays Bank PLC
Reverse Convertible
Fir
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