Published on 5/27/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 8.5% reverse convertibles linked to Anadarko Petroleum
New York, May 27 - Barclays Bank plc priced $1 million of 8.5% reverse convertible notes due Nov. 30, 2010 linked to Anadarko Petroleum Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Anadarko Petroleum shares fall below the protection price of $42.24, 80% of the initial price of $52.80, during the life of the notes and finish below the initial price in which case the payout will be 18.939394 shares of Anadarko Petroleum stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Anadarko Petroleum Corp. (Symbol: APC)
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Amount: | $1 million
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Maturity: | Nov. 30, 2010
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Coupon: | 8.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Anadarko Petroleum shares fall below the protection price of $42.24, 80% of the initial price, and finish below the initial price, in which case 18.939394 shares of Anadarko Petroleum stock
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Initial price: | $52.80
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Protection price: | $42.24, 80% of $52.80
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Exchange ratio: | 18.939394
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740LVF9
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