Published on 4/30/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $750,000 13% reverse convertibles linked to Ford Motor
By Marisa Wong
Milwaukee, April 30 - Barclays Bank plc priced $750,000 of 13% annualized reverse convertible notes due July 30, 2010 linked to Ford Motor Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par in cash unless Ford Motor shares fall below the protection price of $10.86, 80% of the initial price of $13.57, during the life of the notes and finish below the initial price, in which case the payout will be 73.691968 shares of Ford Motor stock.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Ford Motor Co. (Symbol: F)
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Amount: | $750,000
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Maturity: | July 30, 2010
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Ford Motor shares fall below the protection price of $10.86, 80% of the initial price, and finish below the initial price, in which case 73.691968 shares of Ford Motor stock
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Initial price: | $13.57
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Protection price: | $10.86, 80% of $13.57
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Exchange ratio: | 73.691968
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | Barclays Capital Inc.
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Fees: | 0.15%
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Cusip: | 06740LCG8
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