Published on 2/25/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 8.5% reverse convertibles linked to Comerica
New York, Feb. 25 - Barclays Bank plc priced $2.5 million of 8.5% reverse convertible notes due Feb. 25, 2011 linked to Comerica Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Comerica shares fall below the protection price of $28.14, 80% of the initial price of $35.17, during the life of the notes and finish below the initial price in which case the payout will be 28.433324 shares of Comerica stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Comerica Inc. (Symbol: CMA)
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Amount: | $2.5 million
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Maturity: | Feb. 25, 2011
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Coupon: | 8.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Comerica shares fall below the protection price of $28.14, 80% of the initial price, and finish below the initial price, in which case 28.433324 shares of Comerica stock
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Initial price: | $35.17
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Protection price: | $28.14, 80% of $35.17
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Exchange ratio: | 28.433324
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Pricing date: | Feb. 23
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Settlement date: | Feb. 26
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06740JD56
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