Published on 1/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 10% reverse convertibles linked to Pioneer Natural
New York, Jan. 29 - Barclays Bank plc priced $2 million of 10% reverse convertible notes due July 29, 2010 linked to Pioneer Natural Resources Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Pioneer Natural shares fall below the protection price of $36.75, 80% of the initial price of $45.94, during the life of the notes and finish below the initial price in which case the payout will be 21.767523 shares of Pioneer Natural stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Pioneer Natural Resources Co. (Symbol: PXD)
|
Amount: | $2 million
|
Maturity: | July 29, 2010
|
Coupon: | 10%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Pioneer Natural shares fall below the protection price of $36.75, 80% of the initial price, and finish below the initial price, in which case 21.767523 shares of Pioneer Natural stock
|
Initial price: | $45.94
|
Protection price: | $36.75, 80% of $45.94
|
Exchange ratio: | 21.767523
|
Pricing date: | Jan. 26
|
Settlement date: | Jan. 29
|
Agent: | Barclays Capital
|
Fees: | 1.625%
|
Cusip: | 06740JLS7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.