Published on 2/26/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10.25% reverse convertibles linked to Microsoft
New York, Feb. 26 - Barclays Bank plc priced $1.5 million of 10.25% reverse convertible notes due May 28, 2009 linked to Microsoft Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Microsoft shares fall below the protection price of $12.88, 75% of the initial price of $17.17, during the life of the notes and finish below the initial price in which case the payout will be 58.241118 shares of Microsoft stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Microsoft Corp. (Symbol: MSFT)
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Amount: | $1.5 million
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Maturity: | May 28, 2009
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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 Microsoft shares fall below the protection price of $12.88, 75% of the initial price, and finish below the initial price, in which case 58.241118 shares of Microsoft stock
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Initial price: | $17.17
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Protection price: | $12.88, 75% of $17.17
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Exchange ratio: | 58.241118
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Pricing date: | Feb. 24
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Settlement date: | Feb. 27
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Agent: | Barclays Capital
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Fees: | 1.375%
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