By Marisa Wong
Milwaukee, Feb. 26 - Barclays Bank plc priced $25 million of 8% annualized Yield Enhanced Equity Linked Debt Securities due Sept. 8, 2010 linked to the common stock of EMC Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each note has a face value of $17.38, which is the average execution price per share for the stock that an affiliate of Barclays has paid to hedge the company's obligations under the notes.
Interest is payable monthly.
The payout at maturity will be the volume-weighted average price of EMC Corp. stock on Aug. 31, 2010. The payout will be capped at 108.65% of par and is payable in stock or cash at Barclays' option.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Yield Enhanced Equity Linked Debt Securities
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Underlying stock: | EMC Corp. (NYSE: EMC)
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Amount: | $25,000,000.30
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Maturity: | Sept. 8, 2010
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Coupon: | 8%, payable monthly
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Price: | Par of $17.38
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Payout at maturity: | The lesser of the volume-weighted average price of EMC Corp. stock on Aug. 31, 2010 and the equity cap price, payable in cash or stock
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Initial share price: | $17.38
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Equity cap price: | $18.88337, 108.65% of initial share price
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Pricing date: | Feb. 24
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Settlement date: | March 3
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Agent: | Barclays Capital Inc.
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Fees: | None
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Cusip: | 06740H385
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