Published on 5/28/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5 million 13.25% reverse convertibles linked to Goldman Sachs
New York, May 28 - Barclays Bank plc priced $5 million of 13.25% reverse convertible notes due Nov. 30, 2009 linked to Goldman Sachs Group, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Goldman Sachs shares fall below the protection price of $99.44, 70% of the initial price of $142.05, during the life of the notes and finish below the initial price in which case the payout will be 7.039775 shares of Goldman Sachs stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Goldman Sachs Group, Inc. (Symbol: GS)
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Amount: | $5 million
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Maturity: | Nov. 30, 2009
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Coupon: | 13.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Goldman Sachs shares fall below the protection price of $99.44, 70% of the initial price, and finish below the initial price, in which case 7.039775 shares of Goldman Sachs stock
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Initial price: | $142.05
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Protection price: | $99.44, 70% of $142.05
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Exchange ratio: | 7.039775
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Pricing date: | May 26
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Settlement date: | May 29
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Agent: | Barclays Capital
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Fees: | 1.625%
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