Published on 4/30/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $0.75 million 11% reverse convertibles linked to Alpha Natural
New York, April 30 - Barclays Bank plc priced $0.75 million of 11% reverse convertible notes due July 30, 2010 linked to Alpha 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 Alpha Natural shares fall below the protection price of $39.78, 80% of the initial price of $49.73, during the life of the notes and finish below the initial price in which case the payout will be 20.108586 shares of Alpha 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: | Alpha Natural Resources, Inc. (Symbol: ANR)
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Amount: | $0.75 million
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Maturity: | July 30, 2010
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Coupon: | 11%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Alpha Natural shares fall below the protection price of $39.78, 80% of the initial price, and finish below the initial price, in which case 20.108586 shares of Alpha Natural stock
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Initial price: | $49.73
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Protection price: | $39.78, 80% of $49.73
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Exchange ratio: | 20.108586
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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: | 1.375%
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Cusip: | 06740LFP5
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