Published on 8/30/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 9.75% reverse convertibles linked to Nokia
New York, Aug. 30 - Barclays Bank plc priced $1 million of 9.75% reverse convertible notes due Aug. 31, 2011 linked to Nokia Corp. (American depositary share) shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Nokia shares fall below the protection price of $6.98, 80% of the initial price of $8.72, during the life of the notes and finish below the initial price in which case the payout will be 114.678899 shares of Nokia stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Nokia Corp. (American depositary share) (Symbol: NOK)
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Amount: | $1 million
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Maturity: | Aug. 31, 2011
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Coupon: | 9.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Nokia shares fall below the protection price of $6.98, 80% of the initial price, and finish below the initial price, in which case 114.678899 shares of Nokia stock
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Initial price: | $8.72
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Protection price: | $6.98, 80% of $8.72
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Exchange ratio: | 114.678899
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Pricing date: | Aug. 26
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Settlement date: | Aug. 31
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Agent: | Barclays Capital
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Fees: | 2.1%
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Cusip: | 06740PKD7
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