Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 13.65% reverse convertibles linked to Cliffs Natural
New York, April 29 - Barclays Bank plc priced $2 million of 13.65% reverse convertible notes due Oct. 29, 2010 linked to Cliffs Natural Resources Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Cliffs Natural shares fall below the protection price of $51.41, 75% of the initial price of $68.54, during the life of the notes and finish below the initial price in which case the payout will be 14.59002 shares of Cliffs Natural stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Cliffs Natural Resources Inc. (Symbol: CLF)
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Amount: | $2 million
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Maturity: | Oct. 29, 2010
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Coupon: | 13.65%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Cliffs Natural shares fall below the protection price of $51.41, 75% of the initial price, and finish below the initial price, in which case 14.59002 shares of Cliffs Natural stock
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Initial price: | $68.54
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Protection price: | $51.41, 75% of $68.54
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Exchange ratio: | 14.59002
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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: | 1.625%
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Cusip: | 06740LGB5
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