Published on 6/24/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $720,000 8.6% reverse convertibles linked to Western Digital
New York, June 24 - Barclays Bank plc priced $720,000 of 8.6% reverse convertible notes due Sept. 27, 2010 linked to Western Digital Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Western Digital shares fall below the protection price of $24.96, 75% of the initial price of $33.28, during the life of the notes and finish below the initial price in which case the payout will be 30.048077 shares of Western Digital stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Western Digital Corp. (Symbol: WDC)
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Amount: | $720,000
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Maturity: | Sept. 27, 2010
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Coupon: | 8.6%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Western Digital shares fall below the protection price of $24.96, 75% of the initial price, and finish below the initial price, in which case 30.048077 shares of Western Digital stock
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Initial price: | $33.28
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Protection price: | $24.96, 75% of $33.28
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Exchange ratio: | 30.048077
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Pricing date: | June 22
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Settlement date: | June 25
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Agent: | Barclays Capital
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Fees: | 1.5%
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Cusip: | 06740PBL9
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