Published on 4/13/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10.5% reverse convertibles linked to ConocoPhillips
New York, April 13 - Barclays Bank plc priced $1 million of 10.5% reverse convertible notes due July 13, 2009 linked to ConocoPhillips shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless ConocoPhillips shares fall below the protection price of $29.66, 75% of the initial price of $39.55, during the life of the notes and finish below the initial price in which case the payout will be 25.28445 shares of ConocoPhillips stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | ConocoPhillips (Symbol: COP)
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Amount: | $1 million
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Maturity: | July 13, 2009
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless ConocoPhillips shares fall below the protection price of $29.66, 75% of the initial price, and finish below the initial price, in which case 25.28445 shares of ConocoPhillips stock
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Initial price: | $39.55
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Protection price: | $29.66, 75% of $39.55
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Exchange ratio: | 25.28445
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Pricing date: | April 8
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Settlement date: | April 14
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Agent: | Barclays Capital
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Fees: | 1.375%
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