Published on 11/30/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 10.25% reverse convertibles linked to Southwestern Energy
New York, Nov. 30 - Barclays Bank plc priced $2 million of 10.25% reverse convertible notes due May 26, 2010 linked to Southwestern Energy Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Southwestern Energy shares fall below the protection price of $31.71, 75% of the initial price of $42.28, during the life of the notes and finish below the initial price in which case the payout will be 23.651845 shares of Southwestern Energy stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Southwestern Energy Co. (Symbol: SWN)
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Amount: | $2 million
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Maturity: | May 26, 2010
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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 Southwestern Energy shares fall below the protection price of $31.71, 75% of the initial price, and finish below the initial price, in which case 23.651845 shares of Southwestern Energy stock
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Initial price: | $42.28
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Protection price: | $31.71, 75% of $42.28
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Exchange ratio: | 23.651845
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Pricing date: | Nov. 23
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Settlement date: | Nov. 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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