Published on 3/17/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 11% reverse convertibles linked to MGM Resorts
New York, March 17 - Barclays Bank plc priced $1.5 million of 11% reverse convertible notes due Sept. 20, 2011 linked to MGM Resorts International shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless MGM Resorts shares fall below the protection price of $8.88, 70% of the initial price of $12.69, during the life of the notes and finish below the initial price in which case the payout will be 78.802206 shares of MGM Resorts stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | MGM Resorts International (Symbol: MGM)
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Amount: | $1.5 million
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Maturity: | Sept. 20, 2011
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Coupon: | 11%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless MGM Resorts shares fall below the protection price of $8.88, 70% of the initial price, and finish below the initial price, in which case 78.802206 shares of MGM Resorts stock
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Initial price: | $12.69
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Protection price: | $8.88, 70% of $12.69
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Exchange ratio: | 78.802206
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Pricing date: | March 15
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Settlement date: | March 18
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06741JFB0
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