Published on 8/18/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $587,000 20% reverse convertibles linked to LDK Solar
New York, Aug. 18 - Barclays Bank plc priced $587,000 of 20% reverse convertible notes due Nov. 22, 2010 linked to LDK Solar Co., Ltd. (American Depositary Shares), according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless LDK Solar shares fall below the protection price of $4.95, 65% of the initial price of $7.61, during the life of the notes and finish below the initial price in which case the payout will be 131.406045 shares of LDK Solar stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | LDK Solar Co., Ltd. (American Depositary Shares) (Symbol: LDK)
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Amount: | $587,000
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Maturity: | Nov. 22, 2010
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless LDK Solar shares fall below the protection price of $4.95, 65% of the initial price, and finish below the initial price, in which case 131.406045 shares of LDK Solar stock
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Initial price: | $7.61
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Protection price: | $4.95, 65% of $7.61
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Exchange ratio: | 131.406045
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Pricing date: | Aug. 17
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Settlement date: | Aug. 20
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Agent: | Barclays Capital
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Fees: | 2%
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Cusip: | 06740PMP8
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