Published on 3/2/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $10 million more 13% reverse convertibles linked to Elan
By Susanna Moon
Chicago, March 2 - Barclays Bank plc priced $10 million more 13% reverse convertible notes due Feb. 25, 2011 linked to Elan Corp., plc American Depositary Receipts, according to a 424B3 filing with the Securities and Exchange Commission.
This brings the total deal size to $12.5 million. Barclays originally priced $2.5 million of the notes on Feb. 23.
The payout at maturity will be par in cash unless Elan shares fall below the protection price of $4.66, 70% of the initial price of $6.65, during the life of the notes and finish below the initial price in which case the payout will be 150.37594 shares of Elan stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Elan Corp., plc (ADR) (Symbol: ELN)
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Amount: | $2.5 million
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Maturity: | Feb. 25, 2011
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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 Elan shares fall below the protection price of $4.66, 70% of the initial price, and finish below the initial price, in which case 150.37594 shares of Elan stock
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Initial price: | $6.65
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Protection price: | $4.66, 70% of $6.65
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Exchange ratio: | 150.37594
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Pricing dates: | Feb. 23 for $2.5 million; March 2 for $10 million
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Settlement dates: | Feb. 26 for $2.5 million; March 3 for $10 million
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06740JD80
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