Published on 11/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 13.8% reverse convertibles linked to Office Depot
By Angela McDaniels
Tacoma, Wash., Nov. 29 - Barclays Bank plc priced $1 million of 13.8% annualized reverse convertible notes due May 27, 2011 linked to Office Depot, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Office Depot shares fall below the protection price - 70% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Office Depot stock equal to $1,000 divided by the initial share price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Office Depot, Inc. (Symbol: ODP)
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Amount: | $1 million
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Maturity: | May 27, 2011
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Coupon: | 13.8%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Office Depot shares fall below the protection price during the life of the notes and finish below the initial price, in which case 215.053763 shares of Office Depot stock
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Initial price: | $4.65
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Protection price: | $3.26, 70% of initial price
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Pricing date: | Nov. 24
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Settlement date: | Nov. 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740PJ72
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