Published on 3/31/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4 million 9% reverse convertibles linked to Baker Hughes
New York, March 31 - Barclays Bank plc priced $4 million of 9% reverse convertible notes due March 30, 2011 linked to Baker Hughes Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Baker Hughes shares fall below the protection price of $35.90, 80% of the initial price of $44.87, during the life of the notes and finish below the initial price in which case the payout will be 22.286606 shares of Baker Hughes stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Baker Hughes Inc. (Symbol: BHI)
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Amount: | $4 million
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Maturity: | March 30, 2011
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Baker Hughes shares fall below the protection price of $35.90, 80% of the initial price, and finish below the initial price, in which case 22.286606 shares of Baker Hughes stock
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Initial price: | $44.87
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Protection price: | $35.90, 80% of $44.87
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Exchange ratio: | 22.286606
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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: | 2.5%
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Cusip: | 06740JY95
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