Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 20% reverse convertibles linked to Titanium Metals
New York, April 29 - Barclays Bank plc priced $1 million of 20% reverse convertible notes due July 30, 2010 linked to Titanium Metals Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Titanium Metals shares fall below the protection price of $12.50, 80% of the initial price of $15.62, during the life of the notes and finish below the initial price in which case the payout will be 64.020487 shares of Titanium Metals stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Titanium Metals Corp. (Symbol: TIE)
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Amount: | $1 million
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Maturity: | July 30, 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 Titanium Metals shares fall below the protection price of $12.50, 80% of the initial price, and finish below the initial price, in which case 64.020487 shares of stock
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Initial price: | $15.62
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Protection price: | $12.50, 80% of $15.62
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Exchange ratio: | 64.020487
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | Barclays Capital
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Fees: | 1%
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Cusip: | 06740LQE8
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