Published on 7/27/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $250,000 13.25% reverse convertibles linked to National Oilwell
New York, July 27 - Barclays Bank plc priced $250,000 of 13.25% reverse convertible notes due Oct. 28, 2010 linked to National Oilwell Varco, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless National Oilwell shares fall below the protection price of $30.43, 80% of the initial price of $38.04, during the life of the notes and finish below the initial price in which case the payout will be 26.288118 shares of National Oilwell stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | National Oilwell Varco, Inc. (Symbol: NOV)
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Amount: | $250,000
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Maturity: | Oct. 28, 2010
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Coupon: | 13.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless National Oilwell shares fall below the protection price of $30.43, 80% of the initial price, and finish below the initial price, in which case 26.288118 shares of National Oilwell stock
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Initial price: | $38.04
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Protection price: | $30.43, 80% of $38.04
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Exchange ratio: | 26.288118
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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: | 1.25%
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Cusip: | 06740PEM4
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