Published on 5/18/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 12% reverse convertibles linked to Morgan Stanley
New York, May 18 - Barclays Bank plc priced $1 million of 12% reverse convertible notes due Aug. 19, 2010 linked to Morgan Stanley shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Morgan Stanley shares fall below the protection price of $17.60, 65% of the initial price of $27.08, during the life of the notes and finish below the initial price in which case the payout will be 36.927622 shares of Morgan Stanley stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Morgan Stanley (Symbol: MS)
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Amount: | $1 million
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Maturity: | Aug. 19, 2010
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Morgan Stanley shares fall below the protection price of $17.60, 65% of the initial price, and finish below the initial price, in which case 36.927622 shares of Morgan Stanley stock
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Initial price: | $27.08
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Protection price: | $17.60, 65% of $27.08
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Exchange ratio: | 36.927622
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Pricing date: | May 14
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Settlement date: | May 19
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Agent: | Barclays Capital
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Fees: | 2%
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Cusip: | 06740LN35
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