Published on 6/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 13.4% reverse convertibles linked to Zions
New York, June 29 - Barclays Bank plc priced $1 million of 13.4% reverse convertible notes due Sept. 30, 2010 linked to Zions Bancorporation shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Zions shares fall below the protection price of $16.67, 70% of the initial price of $23.82, during the life of the notes and finish below the initial price in which case the payout will be 41.981528 shares of Zions stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Zions Bancorporation (Symbol: ZION)
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Amount: | $1 million
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Maturity: | Sept. 30, 2010
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Coupon: | 13.4%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Zions shares fall below the protection price of $16.67, 70% of the initial price, and finish below the initial price, in which case 41.981528 shares of Zions stock
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Initial price: | $23.82
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Protection price: | $16.67, 70% of $23.82
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Exchange ratio: | 41.981528
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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: | 1.375%
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Cusip: | 06740LZA6
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