Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10% reverse convertibles linked to U.S. Steel
New York, April 29 - Barclays Bank plc priced $1 million of 10% reverse convertible notes due Oct. 29, 2010 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price, 80% of the initial price of $56.63, during the life of the notes and finish below the initial price in which case the payout will be U.S. Steel shares equal to $1,000 principal amount divided by the initial price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | United States Steel Corp. (Symbol: X)
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Amount: | $1 million
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Maturity: | Oct. 29, 2010
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless U.S. Steel shares fall below the protection price, 80% of the initial price of $45.30, and finish below the initial price, in which case U.S. Steel shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $56.63
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Protection price: | $45.30, 80% of $56.63
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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: | 2.75%
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Cusip: | 06740LEW1
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