Published on 1/27/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $620,000 7.5% reverse convertibles on iShares Russell
By Marisa Wong
Madison, Wis., Jan. 27 - Barclays Bank plc priced $620,000 of 7.5% reverse convertible notes due Jan. 29, 2013 linked to the iShares Russell 2000 index fund, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless the fund share price falls below the protection price of $54.30, 68.5% of the initial price of $79.27, during the life of the notes and the final fund share price is less than the initial price, in which case the payout will be a number of index fund shares equal to $1,000 principal amount divided by the initial price.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying ETF: | iShares Russell 2000 index fund
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Amount: | $620,000
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Maturity: | Jan. 29, 2013
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Coupon: | 7.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless fund share price falls below protection price during life of notes and finishes below initial price, in which case a number of fund shares equal to $1,000 divided by initial price
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Initial price: | $79.27
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Protection price: | $54.30, 68.5% of initial price
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Exchange ratio: | 12.615113 shares
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Pricing date: | Jan. 25
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Settlement date: | Jan. 30
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Agent: | Barclays Capital Inc.
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Fees: | 1%
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Cusip: | 06741JRK7
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