Published on 1/20/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $5 million more 10.5% reverse convertibles on Genworth
By Susanna Moon
Chicago, Jan. 20 - Barclays Bank plc priced another $5 million of 10.5% reverse convertible notes due Dec. 30, 2011 linked to Genworth Financial, Inc. class A shares, according to a 424B3 filing with the Securities and Exchange Commission.
This brings the total deal size to $7 million, up from $2 million.
The payout at maturity will be par in cash unless Genworth stock falls below the protection price - 75% of the initial price - during the life of the notes and finishes below the initial price, in which case the payout will be a number of Genworth shares equal to $1,000 divided by the initial share price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Genworth Financial, Inc. (class A) (Symbol: GNW)
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Amount: | $7 million, up from $2 million
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Maturity: | Dec. 30, 2011
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Genworth Financial shares fall below the protection price during the life of the notes and finish below the initial price, in which case 75.18797 Genworth shares
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Initial price: | $13.30
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Protection price: | $9.98, or 75% of initial price
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Pricing dates: | Dec. 27 for $2 million, Jan. 20 for $5 million
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Settlement dates: | Dec. 30 for $2 million, Jan. 21 for $5 million
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06740PXW1
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