Published on 3/31/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 13% reverse convertibles linked to OfficeMax
New York, March 31 - Barclays Bank plc priced $2 million of 13% reverse convertible notes due Sept. 30, 2010 linked to OfficeMax Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless OfficeMax shares fall below the protection price of $12.60, 75% of the initial price of $16.80, during the life of the notes and finish below the initial price in which case the payout will be 59.52381 shares of OfficeMax stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | OfficeMax Inc. (Symbol: OMX)
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Amount: | $2 million
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Maturity: | Sept. 30, 2010
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless OfficeMax shares fall below the protection price of $12.60, 75% of the initial price, and finish below the initial price, in which case 59.52381 shares of OfficeMax stock
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Initial price: | $16.80
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Protection price: | $12.60, 75% of $16.80
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Exchange ratio: | 59.52381
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Pricing date: | March 26
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Settlement date: | March 31
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740J6H8
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