Published on 5/28/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4 million 18% reverse convertibles linked to Freeport-McMoRan
New York, May 28 - Barclays Bank plc priced $4 million of 18% reverse convertible notes due Nov. 30, 2009 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $32.49, 65% of the initial price of $49.99, during the life of the notes and finish below the initial price in which case the payout will be 20.004001 shares of Freeport-McMoRan stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
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Amount: | $4 million
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Maturity: | Nov. 30, 2009
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Coupon: | 18%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Freeport-McMoRan shares fall below the protection price of $32.49, 65% of the initial price, and finish below the initial price, in which case 20.004001 shares of Freeport-McMoRan stock
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Initial price: | $49.99
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Protection price: | $32.49, 65% of $49.99
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Exchange ratio: | 20.004001
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Pricing date: | May 26
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Settlement date: | May 29
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Agent: | Barclays Capital
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Fees: | 1.625%
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