Published on 5/11/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.5 million 10% reverse convertibles linked to Burger King
New York, May 11 - Barclays Bank plc priced $3.5 million of 10% reverse convertible notes due Nov. 12, 2009 linked to Burger King Holdings, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Burger King shares fall below the protection price of $11.50, 65% of the initial price of $17.69, during the life of the notes and finish below the initial price in which case the payout will be 56.529112 shares of Burger King stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Burger King Holdings, Inc. (Symbol: BKC)
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Amount: | $3.5 million
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Maturity: | Nov. 12, 2009
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Burger King shares fall below the protection price of $11.50, 65% of the initial price, and finish below the initial price, in which case 56.529112 shares of Burger King stock
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Initial price: | $17.69
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Protection price: | $11.50, 65% of $17.69
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Exchange ratio: | 56.529112
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Pricing date: | May 7
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Settlement date: | May 12
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Agent: | Barclays Capital
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Fees: | 1.625%
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