Published on 1/10/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5 million more 11.2% reverse convertibles on Freeport
By Jennifer Chiou
New York, Jan. 10 - Barclays Bank plc priced another $5 million of 11.2% annualized reverse convertible notes due June 30, 2011 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The original $1.5 million priced on Dec. 27.
The payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $94.89, 80% of the initial price of $118.61, during the life of the notes and finish below the initial price in which case the payout will be 8.430992 shares of Freeport-McMoRan stock.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
|
| Amount: | $6.5 million (up from $1.5 million)
|
| Maturity: | June 30, 2011
|
| Coupon: | 11.2%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless Freeport-McMoRan shares fall below the protection price of $94.89, 80% of the initial price, and finish below the initial price, in which case 8.430992 shares of Freeport-McMoRan stock
|
| Initial price: | $118.61
|
| Protection price: | $94.89, 80% of $118.61
|
| Exchange ratio: | 8.430992
|
| Pricing date: | Dec. 27
|
| Settlement date: | Dec. 30 for $1.5 million; Jan. 10 for $5 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
| Cusip: | 06740PXJ0
|
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