Published on 11/30/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 9.5% reverse convertibles linked to U.S. Bancorp
New York, Nov. 30 - Barclays Bank plc priced $2.5 million of 9.5% reverse convertible notes due Nov. 26, 2010 linked to U.S. Bancorp shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless U.S. Bancorp shares fall below the protection price of $17.66, 75% of the initial price of $23.55, during the life of the notes and finish below the initial price in which case the payout will be 42.462845 shares of U.S. Bancorp stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | U.S. Bancorp (Symbol: USB)
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Amount: | $2.5 million
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Maturity: | Nov. 26, 2010
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Coupon: | 9.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless U.S. Bancorp shares fall below the protection price of $17.66, 75% of the initial price, and finish below the initial price, in which case 42.462845 shares of U.S. Bancorp stock
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Initial price: | $23.55
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Protection price: | $17.66, 75% of $23.55
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Exchange ratio: | 42.462845
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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: | 2.5%
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