Published on 3/31/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 12.5% reverse convertibles linked to Las Vegas Sands
New York, March 31 - Barclays Bank plc priced $2 million of 12.5% reverse convertible notes due Sept. 30, 2010 linked to Las Vegas Sands Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Las Vegas Sands shares fall below the protection price of $16.42, 75% of the initial price of $21.89, during the life of the notes and finish below the initial price in which case the payout will be 45.68296 shares of Las Vegas Sands stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Las Vegas Sands Corp. (Symbol: LVS)
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Amount: | $2 million
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Maturity: | Sept. 30, 2010
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Coupon: | 12.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Las Vegas Sands shares fall below the protection price of $16.42, 75% of the initial price, and finish below the initial price, in which case 45.68296 shares of Las Vegas Sands stock
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Initial price: | $21.89
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Protection price: | $16.42, 75% of $21.89
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Exchange ratio: | 45.68296
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Pricing date: | March 26
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Settlement date: | March 31
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740J5V8
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