Published on 10/29/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 13% reverse convertibles linked to Harley-Davidson
New York, Oct. 29 - Barclays Bank plc priced $2 million of 13% reverse convertible notes due April 30, 2010 linked to Harley-Davidson, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Harley-Davidson shares fall below the protection price of $19.75, 75% of the initial price of $26.33, during the life of the notes and finish below the initial price in which case the payout will be 37.979491 shares of Harley-Davidson stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Harley-Davidson, Inc. (Symbol: HOG)
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Amount: | $2 million
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Maturity: | April 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 Harley-Davidson shares fall below the protection price of $19.75, 75% of the initial price, and finish below the initial price, in which case 37.979491 shares of Harley-Davidson stock
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Initial price: | $26.33
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Protection price: | $19.75, 75% of $26.33
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Exchange ratio: | 37.979491
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Pricing date: | Oct. 27
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Settlement date: | Oct. 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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