Published on 9/29/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $550,000 11.5% reverse convertibles linked to American Express
New York, Sept. 29 - Barclays Bank plc priced $550,000 of 11.5% reverse convertible notes due March 30, 2012 linked to American Express Co shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless American Express shares fall below the protection price of $37.66, 80% of the initial price of $47.08, during the life of the notes and finish below the initial price in which case the payout will be 21.240442 shares of American Express stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | American Express Co (Symbol: AXP)
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Amount: | $550,000
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Maturity: | March 30, 2012
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless American Express shares fall below the protection price of $37.66, 80% of the initial price, and finish below the initial price, in which case 21.240442 shares of American Express stock
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Initial price: | $47.08
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Protection price: | $37.66, 80% of $47.08
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Exchange ratio: | 21.240442
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Pricing date: | Sept. 27
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Settlement date: | Sept. 30
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Agent: | Barclays Capital
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Fees: | 1.3%
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Cusip: | 06741JNE5
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