Published on 6/16/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 11% reverse convertibles linked to Potash
New York, June 16 - Barclays Bank plc priced $3 million of 11% reverse convertible notes due Dec. 16, 2009 linked to Potash Corp. of Saskatchewan Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Potash shares fall below the protection price of $75.41, 65% of the initial price of $116.01, during the life of the notes and finish below the initial price in which case the payout will be 8.619947 shares of Potash stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Potash Corp. of Saskatchewan Inc. (Symbol: POT)
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Amount: | $3 million
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Maturity: | Dec. 16, 2009
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Coupon: | 11%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Potash shares fall below the protection price of $75.41, 65% of the initial price, and finish below the initial price, in which case 8.619947 shares of Potash stock
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Initial price: | $116.01
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Protection price: | $75.41, 65% of $116.01
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Exchange ratio: | 8.619947
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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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