Published on 7/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million 10.1% reverse convertibles linked to Goodyear Tire
New York, July 28 - Barclays Bank plc priced $10 million of 10.1% reverse convertible notes due Jan. 31, 2012 linked to Goodyear Tire & Rubber Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Goodyear Tire shares fall below the protection price of $12.36, 70% of the initial price of $17.65, during the life of the notes and finish below the initial price in which case the payout will be 56.657224 shares of Goodyear Tire stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Goodyear Tire & Rubber Co. (Symbol: GT)
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Amount: | $10 million
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Maturity: | Jan. 31, 2012
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Coupon: | 10.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Goodyear Tire shares fall below the protection price of $12.36, 70% of the initial price, and finish below the initial price, in which case 56.657224 shares of Goodyear Tire stock
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Initial price: | $17.65
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Protection price: | $12.36, 70% of $17.65
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Exchange ratio: | 56.657224
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Pricing date: | July 26
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Settlement date: | July 29
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06741JKJ7
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