Published on 7/27/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 8.75% reverse convertibles linked to General Electric
New York, July 27 - Barclays Bank plc priced $3 million of 8.75% reverse convertible notes due July 28, 2011 linked to General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless General Electric shares fall below the protection price of $12.57, 80% of the initial price of $15.71, during the life of the notes and finish below the initial price in which case the payout will be 63.653724 shares of General Electric stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | General Electric Co. (Symbol: GE)
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Amount: | $3 million
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Maturity: | July 28, 2011
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Coupon: | 8.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless General Electric shares fall below the protection price of $12.57, 80% of the initial price, and finish below the initial price, in which case 63.653724 shares of General Electric stock
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Initial price: | $15.71
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Protection price: | $12.57, 80% of $15.71
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Exchange ratio: | 63.653724
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Pricing date: | July 23
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Settlement date: | July 28
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06740PGL4
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