Published on 6/24/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $0.5 million 8.5% reverse convertibles linked to Cognizant Technology
New York, June 24 - Barclays Bank plc priced $0.5 million of 8.5% reverse convertible notes due Sept. 28, 2009 linked to Cognizant Technology Solutions Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Cognizant Technology shares fall below the protection price of $17.38, 70% of the initial price of $24.83, during the life of the notes and finish below the initial price in which case the payout will be 40.273862 shares of Cognizant Technology stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Cognizant Technology Solutions Corp. (Symbol: CTSH)
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Amount: | $0.5 million
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Maturity: | Sept. 28, 2009
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Coupon: | 8.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Cognizant Technology shares fall below the protection price of $17.38, 70% of the initial price, and finish below the initial price, in which case 40.273862 shares of Cognizant Technology stock
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Initial price: | $24.83
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Protection price: | $17.38, 70% of $24.83
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Exchange ratio: | 40.273862
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Pricing date: | June 23
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Settlement date: | June 26
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Agent: | Barclays Capital
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Fees: | 1.5%
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