Published on 6/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $250,000 9% reverse convertibles linked to Pioneer Natural
New York, June 29 - Barclays Bank plc priced $250,000 of 9% reverse convertible notes due Dec. 30, 2010 linked to Pioneer Natural Resources Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Pioneer Natural shares fall below the protection price of $48.93, 75% of the initial price of $65.24, during the life of the notes and finish below the initial price in which case the payout will be 15.32802 shares of Pioneer 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: | Pioneer Natural Resources Co. (Symbol: PXD)
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Amount: | $250,000
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Maturity: | Dec. 30, 2010
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Pioneer Natural shares fall below the protection price of $48.93, 75% of the initial price, and finish below the initial price, in which case 15.32802 shares of Pioneer Natural stock
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Initial price: | $65.24
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Protection price: | $48.93, 75% of $65.24
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Exchange ratio: | 15.32802
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740L4H5
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