Published on 10/28/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10.25% reverse convertibles linked to International Paper
New York, Oct. 28 - Barclays Bank plc priced $1 million of 10.25% reverse convertible notes due Oct. 28, 2011 linked to International Paper Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless International Paper shares fall below the protection price of $19.10, 80% of the initial price of $23.87, during the life of the notes and finish below the initial price in which case the payout will be 41.89359 shares of International Paper stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | International Paper Co. (Symbol: IP)
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Amount: | $1 million
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Maturity: | Oct. 28, 2011
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless International Paper shares fall below the protection price of $19.10, 80% of the initial price, and finish below the initial price, in which case 41.89359 shares of International Paper stock
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Initial price: | $23.87
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Protection price: | $19.10, 80% of $23.87
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Exchange ratio: | 41.89359
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Pricing date: | Oct. 26
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Settlement date: | Oct. 29
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06740P2F2
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