Published on 10/13/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million more 11.9% reverse convertibles linked to Halliburton
By Toni Weeks
San Diego, Oct. 13 - Barclays Bank plc priced an additional $1 million of 11.9% reverse convertible notes due March 30, 2012 linked to Halliburton Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $1.1 million. The first $100,000 of the notes priced Sept. 27.
The payout at maturity will be par in cash unless Halliburton shares fall below the protection price of $25.85, 75% of the initial price of $34.46, during the life of the notes and finish below the initial price, in which case the payout will be 29.019153 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. (NYSE: HAL)
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Amount: | $1.1 million
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Maturity: | March 30, 2012
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Coupon: | 11.9%, 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 $25.85, 75% of the initial price, and finish below the initial price, in which case 29.019153 shares of Halliburton stock
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Initial price: | $34.46
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Protection price: | $25.85, 75% of $34.46
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Exchange ratio: | 29.019153
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Pricing dates: | Sept. 27 for $100,000; Oct. 13 for $1 million
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Settlement dates: | Sept. 30 for $100,000; Oct. 18 for $1 million
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Agent: | Barclays Capital
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Fees: | 2%
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Cusip: | 06741JNA3
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