Published on 1/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 12% reverse convertibles linked to Research in Motion
New York, Jan. 28 - Barclays Bank plc priced $1.5 million of 12% reverse convertible notes due July 29, 2011 linked to Research in Motion Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Research in Motion shares fall below the protection price of $49.60, 80% of the initial price of $62.00, during the life of the notes and finish below the initial price in which case the payout will be 16.129032 shares of Research in Motion stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Research in Motion Ltd. (Symbol: RIMM)
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Amount: | $1.5 million
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Maturity: | July 29, 2011
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Research in Motion shares fall below the protection price of $49.60, 80% of the initial price, and finish below the initial price, in which case 16.129032 shares of Research in Motion stock
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Initial price: | $62.00
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Protection price: | $49.60, 80% of $62.00
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Exchange ratio: | 16.129032
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Fees: | 0.3%
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Cusip: | 06740PZD1
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