Published on 5/11/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.5 million 14.25% reverse convertibles linked to Goldcorp
New York, May 11 - Barclays Bank plc priced $3.5 million of 14.25% reverse convertible notes due Nov. 12, 2009 linked to Goldcorp Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Goldcorp shares fall below the protection price of $20.28, 65% of the initial price of $31.20, during the life of the notes and finish below the initial price in which case the payout will be 32.051282 shares of Goldcorp stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Goldcorp Inc. (Symbol: GG)
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Amount: | $3.5 million
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Maturity: | Nov. 12, 2009
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Coupon: | 14.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Goldcorp shares fall below the protection price of $20.28, 65% of the initial price, and finish below the initial price, in which case 32.051282 shares of Goldcorp stock
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Initial price: | $31.20
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Protection price: | $20.28, 65% of $31.20
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Exchange ratio: | 32.051282
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Pricing date: | May 7
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Settlement date: | May 12
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Agent: | Barclays Capital
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Fees: | 1.625%
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