Published on 2/25/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 20% reverse convertibles linked to MGM Mirage
New York, Feb. 25 - Barclays Bank plc priced $1 million of 20% reverse convertible notes due May 27, 2010 linked to MGM Mirage shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless MGM Mirage shares fall below the protection price of $7.82, 75% of the initial price of $10.43, during the life of the notes and finish below the initial price in which case the payout will be 95.877277 shares of MGM Mirage stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | MGM Mirage (Symbol: MGM)
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Amount: | $1 million
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Maturity: | May 27, 2010
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless MGM Mirage shares fall below the protection price of $7.82, 75% of the initial price, and finish below the initial price, in which case 95.877277 shares of MGM Mirage stock
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Initial price: | $10.43
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Protection price: | $7.82, 75% of $10.43
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Exchange ratio: | 95.877277
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Pricing date: | Feb. 23
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Settlement date: | Feb. 26
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Agent: | Barclays Capital
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Fees: | 1.375%
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Cusip: | 06740JWR7
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