Published on 6/4/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million more 13% reverse convertibles tied to Baidu
By Toni Weeks
San Diego, June 4 - Barclays Bank plc priced $1 million more 13% reverse convertible notes due Dec. 28, 2012 linked to Baidu, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $1.1 million. The original $100,000 of the notes priced Dec. 27, 2011.
The payout at maturity will be par in cash unless Baidu shares fall below the protection price of $75.56, 65% of the initial price of $116.25, during the life of the notes and finish below the initial price, in which case the payout will be 8.602151 shares of Baidu stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Baidu, Inc. (Symbol: BIDU)
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Amount: | $1.1 million, increased from $100,000
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Maturity: | Dec. 28, 2012
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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 Baidu shares fall below the protection price of $75.56, 65% of the initial price, and finish below the initial price, in which case 8.602151 shares of Baidu stock
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Initial price: | $116.25
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Protection price: | $75.56, 65% of $116.25
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Exchange ratio: | 8.602151
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Pricing dates: | Dec. 27 (for $100,000); June 4 (for $1 million)
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Settlement dates: | Dec. 30 (for $100,000); June 7 (for $1 million)
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06741JQJ1
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