Published on 3/31/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 8.25% reverse convertibles linked to Sunoco
New York, March 31 - Barclays Bank plc priced $1 million of 8.25% reverse convertible notes due March 30, 2011 linked to Sunoco, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Sunoco shares fall below the protection price of $22.88, 80% of the initial price of $28.60, during the life of the notes and finish below the initial price in which case the payout will be 34.965035 shares of Sunoco stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Sunoco, Inc. (Symbol: SUN)
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Amount: | $1 million
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Maturity: | March 30, 2011
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Coupon: | 8.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Sunoco shares fall below the protection price of $22.88, 80% of the initial price, and finish below the initial price, in which case 34.965035 shares of Sunoco stock
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Initial price: | $28.60
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Protection price: | $22.88, 80% of $28.60
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Exchange ratio: | 34.965035
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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: | 2.5%
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Cusip: | 06740JZ78
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