Published on 1/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 10% reverse convertibles linked to Textron
New York, Jan. 29 - Barclays Bank plc priced $2 million of 10% reverse convertible notes due July 29, 2010 linked to Textron Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Textron shares fall below the protection price, 80% of the initial price of $20.57, during the life of the notes and finish below the initial price in which case the payout will be Textron shares equal to $1,000 principal amount divided by the initial price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Textron Inc. (Symbol: TXT)
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Amount: | $2 million
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Maturity: | July 29, 2010
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Textron shares fall below the protection price, 80% of the initial price, and finish below the initial price, in which case Textron shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $20.57
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Protection price: | $, 80% of $20.57
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Pricing date: | Jan. 26
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Settlement date: | Jan. 29
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740JME7
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