Published on 4/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $5 million 8.5% reverse convertibles linked to Freeport-McMoRan
New York, April 28 - Barclays Bank plc priced $5 million of 8.5% reverse convertible notes due Oct. 31, 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 $44.71, 80% of the initial price of $55.89, during the life of the notes and finish below the initial price in which case the payout will be 17.892288 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: | $5 million
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Maturity: | Oct. 31, 2011
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Coupon: | 8.5%, 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 $44.71, 80% of the initial price, and finish below the initial price, in which case 17.892288 shares of Freeport-McMoRan stock
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Initial price: | $55.89
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Protection price: | $44.71, 80% of $55.89
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Exchange ratio: | 17.892288
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Pricing date: | April 26
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Settlement date: | April 29
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06741JGF0
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