Published on 1/28/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 14% reverse convertibles linked to UAL
New York, Jan. 28 - Barclays Bank plc priced $1 million of 14% reverse convertible notes due April 29, 2010 linked to UAL Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless UAL shares fall below the protection price of $7.67, 60% of the initial price of $12.79, during the life of the notes and finish below the initial price in which case the payout will be 78.186083 shares of UAL stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | UAL Corp. (Symbol: UAUA)
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Amount: | $1 million
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Maturity: | April 29, 2010
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless UAL shares fall below the protection price of $7.67, 60% of the initial price, and finish below the initial price, in which case 78.186083 shares of UAL stock
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Initial price: | $12.79
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Protection price: | $7.67, 60% of $12.79
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Exchange ratio: | 78.186083
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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: | 1.375%
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Cusip: | 06740JKA7
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