Published on 10/8/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3 million more 10.25% reverse convertibles linked to Baidu
By Susanna Moon
Chicago, Oct. 8 - Barclays Bank plc priced another $3 million of 10.25% reverse convertible notes due March 31, 2011 linked to Baidu, Inc. American Depositary Shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $4 million, up from $1 million.
The payout at maturity will be par in cash unless Baidu shares fall below the protection price of $77.88, 75% of the initial price of $103.84, during the life of the notes and finish below the initial price in which case the payout will be 9.6302 shares of Baidu stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Baidu, Inc. (American Depositary Shares) (Symbol: BIDU)
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Amount: | $4 million, up from $1 million
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Maturity: | March 31, 2011
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Baidu shares fall below the protection price of $77.88, 75% of the initial price, and finish below the initial price, in which case 9.6302 shares of Baidu stock
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Initial price: | $103.84
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Protection price: | $77.88, 75% of $103.84
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Exchange ratio: | 9.6302
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Pricing date: | Sept. 27 for $1 million; Oct. 8 for $3 million
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Settlement date: | Sept. 30 for $1 million; Oct. 12 for $3 million
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740PQW9
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