Published on 8/30/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 13% reverse convertibles linked to Massey Energy
New York, Aug. 30 - Barclays Bank plc priced $1 million of 13% reverse convertible notes due Feb. 28, 2011 linked to Massey Energy Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Massey Energy shares fall below the protection price of $20.95, 75% of the initial price of $27.93, during the life of the notes and finish below the initial price in which case the payout will be 35.803795 shares of Massey Energy stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Massey Energy Co. (Symbol: MEE)
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Amount: | $1 million
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Maturity: | Feb. 28, 2011
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Massey Energy shares fall below the protection price of $20.95, 75% of the initial price, and finish below the initial price, in which case 35.803795 shares of Massey Energy stock
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Initial price: | $27.93
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Protection price: | $20.95, 75% of $27.93
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Exchange ratio: | 35.803795
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Pricing date: | Aug. 26
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Settlement date: | Aug. 31
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Agent: | Barclays Capital
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Fees: | 1.75%
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Cusip: | 06740PLJ3
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