Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 16.75% reverse convertibles linked to MGM Mirage
New York, April 29 - Barclays Bank plc priced $2 million of 16.75% reverse convertible notes due Oct. 29, 2010 linked to MGM Mirage shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless MGM Mirage shares fall below the protection price of $10.90, 70% of the initial price of $15.57, during the life of the notes and finish below the initial price in which case the payout will be 64.226076 shares of MGM Mirage stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | MGM Mirage (Symbol: MGM)
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Amount: | $2 million
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Maturity: | Oct. 29, 2010
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Coupon: | 16.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless MGM Mirage shares fall below the protection price of $10.90, 70% of the initial price, and finish below the initial price, in which case 64.226076 shares of MGM Mirage stock
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Initial price: | $15.57
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Protection price: | $10.90, 70% of $15.57
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Exchange ratio: | 64.226076
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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: | 06740LHM0
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