Published on 11/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 12% reverse convertibles linked to AK Steel
By Angela McDaniels
Tacoma, Wash., Nov. 29 - Barclays Bank plc priced $1 million of 12% annualized reverse convertible notes due May 27, 2011 linked to AK Steel Holding Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless AK Steel shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of AK Steel stock equal to $1,000 divided by the initial share price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | AK Steel Holding Corp. (Symbol: AKS)
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Amount: | $1 million
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Maturity: | May 27, 2011
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless AK Steel shares fall below the protection price during the life of the notes and finish below the initial price, in which case 75.301205 shares of AK Steel stock
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Initial price: | $13.28
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Protection price: | $9.96, 75% of initial price
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Pricing date: | Nov. 24
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Settlement date: | Nov. 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740PH74
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