Published on 9/30/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 11.25% reverse convertibles linked to Potash
New York, Sept. 30 - Barclays Bank plc priced $3 million of 11.25% reverse convertible notes due March 30, 2010 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 $67.14, 75% of the initial price of $89.52, during the life of the notes and finish below the initial price in which case the payout will be 11.170688 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: | March 30, 2010
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Coupon: | 11.25%, 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 $67.14, 75% of the initial price, and finish below the initial price, in which case 11.170688 shares of Potash stock
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Initial price: | $89.52
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Protection price: | $67.14, 75% of $89.52
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Exchange ratio: | 11.170688
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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