Published on 4/30/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $750,000 14.1% reverse convertibles linked to Och-Ziff
By Marisa Wong
Milwaukee, April 30 - Barclays Bank plc priced $750,000 of 14.1% annualized reverse convertible notes due July 30, 2010 linked to Och-Ziff Capital Management Group LLC shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par in cash unless Och-Ziff shares fall below the protection price of $14.14, 80% of the initial price of $17.68, during the life of the notes and finish below the initial price, in which case the payout will be 56.561086 shares of Och-Ziff stock.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Och-Ziff Capital Management Group LLC (Symbol: OZM)
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Amount: | $750,000
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Maturity: | July 30, 2010
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Coupon: | 14.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Och-Ziff shares fall below the protection price of $14.14, 80% of the initial price, and finish below the initial price, in which case 56.561086 shares of Och-Ziff stock
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Initial price: | $17.86
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Protection price: | $14.14, 80% of $17.86
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Exchange ratio: | 56.561086
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | Barclays Capital Inc.
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Fees: | 0.15%
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Cusip: | 06740LCH6
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