Published on 1/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 11.5% reverse convertibles linked to USG
New York, Jan. 28 - Barclays Bank plc priced $1.5 million of 11.5% reverse convertible notes due July 29, 2011 linked to USG Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless USG shares fall below the protection price of $12.08, 70% of the initial price of $17.25, during the life of the notes and finish below the initial price in which case the payout will be 57.971014 shares of USG stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | USG Corp. (Symbol: USG)
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Amount: | $1.5 million
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Maturity: | July 29, 2011
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless USG shares fall below the protection price of $12.08, 70% of the initial price, and finish below the initial price, in which case 57.971014 shares of USG stock
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Initial price: | $17.25
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Protection price: | $12.08, 70% of $17.25
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Exchange ratio: | 57.971014
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06741JBG3
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