Published on 6/17/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $360,000 10.5% callable reverse convertibles on Amgen
By Marisa Wong
Milwaukee, June 17 - Barclays Bank plc priced $360,000 of 10.5% annualized callable reverse convertible notes due Dec. 20, 2010 linked to Amgen Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Amgen stock closes at or above the initial share price on Aug. 13 or Oct. 13.
The payout at maturity will be par in cash unless Amgen shares fall below the protection price of $44.10, 80% of the initial price of $55.12, during the life of the notes and finish below the initial price, in which case the payout will be 18.142235 shares of Amgen stock.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable reverse convertible notes
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Underlying stock: | Amgen Inc. (Symbol: AMGN)
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Amount: | $360,000
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Maturity: | Dec. 20, 2010
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Coupon: | 10.5% per year, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Amgen shares fall below the protection price of $44.10, 80% of initial price, during life of notes and finish below initial price, in which case 18.142235 shares of Amgen stock
|
Call: | Automatically at par if Amgen stock closes at or above initial share price on Aug. 13 or Oct. 13
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Initial price: | $55.12
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Protection price: | $44.10, 80% of $55.12
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Exchange ratio: | 18.142235
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Pricing date: | June 15
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Settlement date: | June 18
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Agent: | Barclays Capital Inc.
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Fees: | 1.5%
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Cusip: | 06740PAT3
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