Published on 7/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million 10.65% reverse convertibles linked to salesforce.com
New York, July 28 - Barclays Bank plc priced $10 million of 10.65% reverse convertible notes due Jan. 31, 2012 linked to salesforce.com, inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless salesforce.com shares fall below the protection price of $113.81, 75% of the initial price of $151.75, during the life of the notes and finish below the initial price in which case the payout will be 6.589786 shares of salesforce.com stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | salesforce.com, inc. (Symbol: CRM)
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Amount: | $10 million
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Maturity: | Jan. 31, 2012
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Coupon: | 10.65%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless salesforce.com shares fall below the protection price of $113.81, 75% of the initial price, and finish below the initial price, in which case 6.589786 shares of salesforce.com stock
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Initial price: | $151.75
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Protection price: | $113.81, 75% of $151.75
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Exchange ratio: | 6.589786
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Pricing date: | July 26
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Settlement date: | July 29
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06741JKF5
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