Published on 5/14/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.4 million 8.25% reverse convertibles linked to Apple
New York, May 14 - Barclays Bank plc priced $1.4 million of 8.25% reverse convertible notes due Nov. 15, 2012 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Apple shares fall below the protection price of $453.37, 80% of the initial price of $566.71, during the life of the notes and finish below the initial price in which case the payout will be 1.764571 shares of Apple stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Apple Inc. (Symbol: AAPL)
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Amount: | $1.4 million
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Maturity: | Nov. 15, 2012
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Coupon: | 8.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Apple shares fall below the protection price of $453.37, 80% of the initial price, and finish below the initial price, in which case 1.764571 shares of Apple stock
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Initial price: | $566.71
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Protection price: | $453.37, 80% of $566.71
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Exchange ratio: | 1.764571
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Pricing date: | May 11
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Settlement date: | May 16
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Agent: | Barclays Capital
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Fees: | 2%
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Cusip: | 06741JD97
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