Published on 5/14/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.2 million 9% reverse convertibles linked to Clean Energy
New York, May 14 - Barclays Bank plc priced $1.2 million of 9% reverse convertible notes due Aug. 16, 2012 linked to Clean Energy Fuels Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Clean Energy shares fall below the protection price of $9.37, 57.10% of the initial price of $16.41, during the life of the notes and finish below the initial price in which case the payout will be 60.938452 shares of Clean Energy stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Clean Energy Fuels Corp. (Symbol: CLNE)
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Amount: | $1.2 million
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Maturity: | Aug. 16, 2012
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Clean Energy shares fall below the protection price of $9.37, 57.10% of the initial price, and finish below the initial price, in which case 60.938452 shares of Clean Energy stock
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Initial price: | $16.41
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Protection price: | $9.37, 57.10% of $16.41
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Exchange ratio: | 60.938452
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Pricing date: | May 11
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Settlement date: | May 16
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Agent: | Barclays Capital
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Fees: | 1%
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Cusip: | 06741JE47
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