Published on 10/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $600,000 10% reverse convertibles linked to Google
New York, Oct. 28 - Barclays Bank plc priced $600,000 of 10% reverse convertible notes due April 30, 2012 linked to Google Inc. class A shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Google shares fall below the protection price of $469.05, 80% of the initial price of $586.31, during the life of the notes and finish below the initial price in which case the payout will be 1.705582 shares of Google stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Google Inc. (class A) (Symbol: GOOG)
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Amount: | $600,000
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Maturity: | April 30, 2012
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Google shares fall below the protection price of $469.05, 80% of the initial price, and finish below the initial price, in which case 1.705582 shares of Google stock
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Initial price: | $586.31
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Protection price: | $469.05, 80% of $586.31
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Exchange ratio: | 1.705582
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | Barclays Capital
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Fees: | 1.3%
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Cusip: | 06741JNG0
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