Published on 11/30/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 16% reverse convertibles linked to SunPower
New York, Nov. 30 - Barclays Bank plc priced $3 million of 16% reverse convertible notes due May 26, 2010 linked to SunPower Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless SunPower shares fall below the protection price of $14.74, 70% of the initial price of $21.06, during the life of the notes and finish below the initial price in which case the payout will be 47.483381 shares of SunPower stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | SunPower Corp. (Symbol: SPWRA)
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Amount: | $3 million
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Maturity: | May 26, 2010
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Coupon: | 16%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless SunPower shares fall below the protection price of $14.74, 70% of the initial price, and finish below the initial price, in which case 47.483381 shares of SunPower stock
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Initial price: | $21.06
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Protection price: | $14.74, 70% of $21.06
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Exchange ratio: | 47.483381
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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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