Published on 5/20/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million additional 8% reverse convertibles linked to Prudential Financial
By Angela McDaniels
Tacoma, Wash., May 20 - Barclays Bank plc priced an additional $10 million of 8% reverse convertible notes due March 30, 2011 linked to Prudential Financial, Inc. shares, according to a 424B3 filing with the Securities and Exchange Commission.
The notes bring the issue size to $12 million. Barclays priced the original $2 million of notes on March 26.
The payout at maturity will be par in cash unless Prudential Financial shares fall below the protection price - 80% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Prudential Financial shares equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Prudential Financial, Inc. (Symbol: PRU)
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Amount: | $12 million, increased from $2 million
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Maturity: | March 30, 2011
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Prudential Financial shares fall below protection price during life of notes and finish below initial price, in which case 16.889039 Prudential Financial shares
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Initial price: | $59.21
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Protection price: | $47.37, 80% of initial price
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Exchange ratio: | 16.889039
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Pricing dates: | March 26 for $2 million; May 20 for $10 million
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Settlement dates: | March 31 for $2 million; May 21 for $10 million
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Agent: | Barclays Capital Inc.
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Fees: | 2.5%
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Cusip: | 06740JYY0
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