Published on 4/1/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays sells another $10 million 8% reverse convertibles linked to Halliburton
By Susanna Moon
Chicago, April 1 - Barclays Bank plc priced $10 million more 8% reverse convertible notes due Jan. 28, 2011 based on Halliburton Co. shares, according to a 424B3 filing with the Securities and Exchange Commission.
This brings the total deal size to $12 million. The issuer originally priced $2 million of the notes.
The payout at maturity will be par in cash unless the stock falls below the protection price - 80% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Halliburton shares equal to $1,000 principal amount divided by the initial stock price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Halliburton Co. (Symbol: HAL)
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Amount: | $12 million, up from $2 million
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Maturity: | Jan. 28, 2011
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Halliburton shares fall below the protection price of $24.70, 80% of the initial price, and finish below the initial price, in which case 32.38342 Halliburton shares
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Initial price: | $30.88
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Protection price: | $24.70, 80% of initial price
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Pricing date: | Jan. 26 for $2 million; March 31 for $10 million
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Settlement date: | Jan. 29 for $2 million; April 1 for $10 million
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Agent: | Barclays Capital
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Fees: | 2.125%
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Cusip: | 06740JNR7
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