Published on 10/29/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 11.25% reverse convertibles linked to Garmin
New York, Oct. 29 - Barclays Bank plc priced $2 million of 11.25% reverse convertible notes due April 30, 2010 linked to Garmin Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Garmin shares fall below the protection price of $26.45, 70% of the initial price of $37.78, during the life of the notes and finish below the initial price in which case the payout will be Garmin shares equal to $1,000 principal amount divided by the initial price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Garmin Ltd. (Symbol: GRMN)
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Amount: | $2 million
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Maturity: | April 30, 2010
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Coupon: | 11.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Garmin shares fall below the protection price of $26.45, 70% of the initial price, and finish below the initial price, in which case Garmin shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $37.78
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Protection price: | $26.45, 70% of $37.78
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Pricing date: | Oct. 27
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Settlement date: | Oct. 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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