Published on 7/27/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10.6% reverse convertibles linked to Halliburton
New York, July 27 - Barclays Bank plc priced $1 million of 10.6% reverse convertible notes due Jan. 27, 2011 linked to Halliburton Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Halliburton shares fall below the protection price of $22.94, 75% of the initial price of $30.59, during the life of the notes and finish below the initial price in which case the payout will be 32.690422 shares of Halliburton stock.
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: | $1 million
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Maturity: | Jan. 27, 2011
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Coupon: | 10.6%, 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 $22.94, 75% of the initial price, and finish below the initial price, in which case 32.690422 shares of Halliburton stock
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Initial price: | $30.59
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Protection price: | $22.94, 75% of $30.59
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Exchange ratio: | 32.690422
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Pricing date: | July 23
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Settlement date: | July 28
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06740PFJ0
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