Published on 8/3/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million more 10.5% reverse convertibles linked to Freeport-McMoRan
By Toni Weeks
San Diego, Aug. 3 - Barclays Bank plc priced another $1 million of 10.5% reverse convertible notes due July 30, 2013 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $1,475,000. The initial $475,000 of the notes priced July 26.
The payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $22.62, 70% of the initial price of $32.31, during the life of the notes and finish below the initial price, in which case the payout will be 30.95017 shares of Freeport-McMoRan stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
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Amount: | $1,475,000, increased from $475,000
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Maturity: | July 30, 2013
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Coupon: | 10.5%, payable monthly
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Price: | Variable
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Payout at maturity: | Par in cash unless Freeport-McMoRan shares fall below the protection price of $22.62, 70% of the initial price, and finish below the initial price, in which case 30.95017 shares of Freeport-McMoRan stock
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Initial price: | $32.31
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Protection price: | $22.62, 70% of $32.31
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Exchange ratio: | 30.95017
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Pricing dates: | July 26 for $475,000; Aug. 2 for $1 million
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Settlement dates: | July 31 for $475,000; Aug. 7 for add-on
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06741JK99
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