Published on 6/29/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $45,000 10.25% reverse convertibles linked to Pitney Bowes
New York, June 29 - Barclays Bank plc priced $45,000 of 10.25% reverse convertible notes due June 28, 2013 linked to Pitney Bowes Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Pitney Bowes shares fall below the protection price of $10.36, 70% of the initial price of $14.80, during the life of the notes and finish below the initial price in which case the payout will be 67.567568 shares of Pitney Bowes stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Pitney Bowes Inc. (Symbol: PBI)
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Amount: | $45,000
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Maturity: | June 28, 2013
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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 Pitney Bowes shares fall below the protection price of $10.36, 70% of the initial price, and finish below the initial price, in which case 67.567568 shares of Pitney Bowes stock
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Initial price: | $14.80
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Protection price: | $10.36, 70% of $14.80
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Exchange ratio: | 67.567568
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Pricing date: | June 27
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Settlement date: | June 29
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Agent: | Barclays Capital
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Fees: | 2.1%
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Cusip: | 06741JF95
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