Published on 5/27/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $0.25 million 14.5% reverse convertibles linked to Office Depot
New York, May 27 - Barclays Bank plc priced $0.25 million of 14.5% reverse convertible notes due Aug. 30, 2010 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 of $4.47, 75% of the initial price of $5.96, during the life of the notes and finish below the initial price in which case the payout will be 167.785235 shares of Office Depot stock.
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: | $0.25 million
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Maturity: | Aug. 30, 2010
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Coupon: | 14.5%, 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 of $4.47, 75% of the initial price, and finish below the initial price, in which case 167.785235 shares of Office Depot stock
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Initial price: | $5.96
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Protection price: | $4.47, 75% of $5.96
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Exchange ratio: | 167.785235
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | Barclays Capital
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Fees: | 1.375%
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Cusip: | 06740LUJ2
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