Published on 11/30/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 10.75% reverse convertibles linked to Motorola
New York, Nov. 30 - Barclays Bank plc priced $2 million of 10.75% reverse convertible notes due May 26, 2010 linked to Motorola, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Motorola shares fall below the protection price of $6.23, 75% of the initial price of $8.30, during the life of the notes and finish below the initial price in which case the payout will be 120.481928 shares of Motorola stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Motorola, Inc. (Symbol: MOT)
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Amount: | $2 million
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Maturity: | May 26, 2010
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Coupon: | 10.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Motorola shares fall below the protection price of $6.23, 75% of the initial price, and finish below the initial price, in which case 120.481928 shares of Motorola stock
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Initial price: | $8.30
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Protection price: | $6.23, 75% of $8.30
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Exchange ratio: | 120.481928
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Pricing date: | Nov. 23
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Settlement date: | Nov. 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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