Published on 6/16/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5 million 17.5% reverse convertibles linked to First Solar
New York, June 16 - Barclays Bank plc priced $5 million of 17.5% reverse convertible notes due Dec. 16, 2009 linked to First Solar, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless First Solar shares fall below the protection price of $119.47, 65% of the initial price of $183.80, during the life of the notes and finish below the initial price in which case the payout will be 5.440696 shares of First Solar stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | First Solar, Inc. (Symbol: FSLR)
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Amount: | $5 million
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Maturity: | Dec. 16, 2009
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Coupon: | 17.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless First Solar shares fall below the protection price of $119.47, 65% of the initial price, and finish below the initial price, in which case 5.440696 shares of First Solar stock
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Initial price: | $183.80
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Protection price: | $119.47, 65% of $183.80
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Exchange ratio: | 5.440696
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Pricing date: | June 12
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Settlement date: | June 17
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Agent: | Barclays Capital
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Fees: | 1.625%
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