Published on 6/29/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million 11.75% reverse convertibles linked to Arch Coal
New York, June 29 - Barclays Bank plc priced $10 million of 11.75% reverse convertible notes due Dec. 30, 2011 linked to Arch Coal, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Arch Coal shares fall below the protection price of $20.06, 80% of the initial price of $25.07, during the life of the notes and finish below the initial price in which case the payout will be 39.888313 shares of Arch Coal stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Arch Coal, Inc. (Symbol: ACI)
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Amount: | $10 million
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Maturity: | Dec. 30, 2011
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Coupon: | 11.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Arch Coal shares fall below the protection price of $20.06, 80% of the initial price, and finish below the initial price, in which case 39.888313 shares of Arch Coal stock
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Initial price: | $25.07
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Protection price: | $20.06, 80% of $25.07
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Exchange ratio: | 39.888313
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Pricing date: | June 27
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Settlement date: | June 30
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Agent: | Barclays Capital
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Fees: | 1.3%
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Cusip: | 06741JHP7
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