Published on 4/29/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 12% reverse convertibles linked to FedEx
New York, April 29 - Barclays Bank plc priced $3 million of 12% reverse convertible notes due Oct. 30, 2009 linked to FedEx Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless FedEx shares fall below the protection price of $36.97, 70% of the initial price of $52.82, during the life of the notes and finish below the initial price in which case the payout will be 18.932223 shares of FedEx stock.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | FedEx Corp. (Symbol: FDX)
|
| Amount: | $3 million
|
| Maturity: | Oct. 30, 2009
|
| Coupon: | 12%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless FedEx shares fall below the protection price of $36.97, 70% of the initial price, and finish below the initial price, in which case 18.932223 shares of FedEx stock
|
| Initial price: | $52.82
|
| Protection price: | $36.97, 70% of $52.82
|
| Exchange ratio: | 18.932223
|
| Pricing date: | April 27
|
| Settlement date: | April 30
|
| Agent: | Barclays Capital
|
| Fees: | 1.625%
|
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