Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 18.25% callable reverse convertibles tied to MEMC Electronic
By Jennifer Chiou
New York, April 29 - Barclays Bank plc priced $1 million of 18.25% annualized callable reverse convertible notes due Nov. 2, 2010 linked to MEMC Electronic Materials, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par if MEMC Electronic stock closes at or above the initial share price on June 25 or Aug. 25.
The payout at maturity will be par in cash unless MEMC Electronic shares fall below the protection price of $10.69, 70% of the initial price of $15.27 during the life of the notes and finish below the initial price in which case the payout will be 65.487885 shares of MEMC Electronic stock.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Callable reverse convertible notes
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Underlying stock: | MEMC Electronic Materials, Inc. (Symbol: WFR)
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Amount: | $1 million
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Maturity: | Nov. 2, 2010
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Coupon: | 18.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless MEMC Electronic shares fall below the protection price of $10.69, 70% of the initial price, and finish below the initial price, in which case 65.487885 shares of MEMC Electronic stock
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Call: | Automatically at par if MEMC Electronic stock closes at or above initial share price on June 25 or Aug. 25
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Initial price: | $15.27
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Protection price: | $10.69, 70% of $15.27
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Exchange ratio: | 65.487885
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Pricing date: | April 28
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Settlement date: | April 30
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Agent: | Barclays Capital Inc.
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Fees: | 2.5%
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Cusip: | 06740LQK4
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