Published on 7/21/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $350,000 12.7% reverse convertibles linked to Whirlpool
New York, July 21 - Barclays Bank plc priced $350,000 of 12.7% reverse convertible notes due Oct. 25, 2010 linked to Whirlpool Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Whirlpool shares fall below the protection price of $66.53, 75% of the initial price of $88.70, during the life of the notes and finish below the initial price in which case the payout will be 11.273957 shares of Whirlpool stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Whirlpool Corp. (Symbol: WHR)
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Amount: | $350,000
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Maturity: | Oct. 25, 2010
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Coupon: | 12.7%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Whirlpool shares fall below the protection price of $66.53, 75% of the initial price, and finish below the initial price, in which case 11.273957 shares of Whirlpool stock
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Initial price: | $88.70
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Protection price: | $66.53, 75% of $88.70
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Exchange ratio: | 11.273957
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Pricing date: | July 20
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Settlement date: | July 23
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Agent: | Barclays Capital
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Fees: | 1.25%
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Cusip: | 06740PHH2
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