Published on 5/28/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10.5% reverse convertibles linked to Fortune Brands
New York, May 28 - Barclays Bank plc priced $1 million of 10.5% reverse convertible notes due Aug. 31, 2009 linked to Fortune Brands, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Fortune Brands shares fall below the protection price of $28.52, 80% of the initial price of $35.65, during the life of the notes and finish below the initial price in which case the payout will be 28.050491 shares of Fortune Brands stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Fortune Brands, Inc. (Symbol: FO)
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Amount: | $1 million
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Maturity: | Aug. 31, 2009
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Fortune Brands shares fall below the protection price of $28.52, 80% of the initial price, and finish below the initial price, in which case 28.050491 shares of Fortune Brands stock
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Initial price: | $35.65
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Protection price: | $28.52, 80% of $35.65
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Exchange ratio: | 28.050491
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Pricing date: | May 26
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Settlement date: | May 29
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Agent: | Barclays Capital
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Fees: | 1.5%
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