Published on 11/30/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 12.25% reverse convertibles linked to Chicago Bridge
New York, Nov. 30 - Barclays Bank plc priced $2 million of 12.25% reverse convertible notes due May 26, 2010 linked to Chicago Bridge & Iron Co. N.V. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Chicago Bridge shares fall below the protection price of $13.52, 70% of the initial price of $19.31, during the life of the notes and finish below the initial price in which case the payout will be 51.786639 shares of Chicago Bridge stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Chicago Bridge & Iron Co. N.V. (Symbol: CBI)
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Amount: | $2 million
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Maturity: | May 26, 2010
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Coupon: | 12.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Chicago Bridge shares fall below the protection price of $13.52, 70% of the initial price, and finish below the initial price, in which case 51.786639 shares of Chicago Bridge stock
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Initial price: | $19.31
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Protection price: | $13.52, 70% of $19.31
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Exchange ratio: | 51.786639
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Pricing date: | Nov. 23
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Settlement date: | Nov. 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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