Published on 3/8/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 12% reverse convertibles linked to Carrizo Oil
New York, March 8 - Barclays Bank plc priced $2 million of 12% reverse convertible notes due June 9, 2010 linked to Carrizo Oil & Gas, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Carrizo Oil shares fall below the protection price of $16.00, 62.47% of the initial price of $25.61, during the life of the notes and finish below the initial price in which case the payout will be Carrizo Oil shares equal to $1,000 principal amount divided by the initial price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Carrizo Oil & Gas, Inc. (Symbol: CRZO)
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Amount: | $2 million
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Maturity: | June 9, 2010
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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 Carrizo Oil shares fall below the protection price of $16.00, 62.47% of the initial price, and finish below the initial price, in which case Carrizo Oil shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $25.61
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Protection price: | $16.00, 62.47% of $25.61
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Pricing date: | March 4
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Settlement date: | March 9
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Agent: | Barclays Capital
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Fees: | 1%
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Cusip: | 06740JZM5
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