Published on 3/30/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $500,000 10.25% reverse convertibles linked to Freeport-McMoRan
New York, March 30 - Barclays Bank plc priced $500,000 of 10.25% 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 payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $40.56, 75% of the initial price of $54.08, during the life of the notes and finish below the initial price in which case the payout will be 18.491124 shares of Freeport-McMoRan stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
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Amount: | $500,000
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Maturity: | June 30, 2011
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Freeport-McMoRan shares fall below the protection price of $40.56, 75% of the initial price, and finish below the initial price, in which case 18.491124 shares of Freeport-McMoRan stock
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Initial price: | $54.08
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Protection price: | $40.56, 75% of $54.08
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Exchange ratio: | 18.491124
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Pricing date: | March 28
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Settlement date: | March 31
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Agent: | Barclays Capital
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Fees: | 1.25%
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Cusip: | 06741JFH7
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