Published on 6/16/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 15.5% reverse convertibles linked to Harley-Davidson
New York, June 16 - Barclays Bank plc priced $3 million of 15.5% reverse convertible notes due Dec. 16, 2009 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 $10.84, 65% of the initial price of $16.68, during the life of the notes and finish below the initial price in which case the payout will be 59.952038 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: | $3 million
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Maturity: | Dec. 16, 2009
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Coupon: | 15.5%, 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 $10.84, 65% of the initial price, and finish below the initial price, in which case 59.952038 shares of Harley-Davidson stock
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Initial price: | $16.68
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Protection price: | $10.84, 65% of $16.68
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Exchange ratio: | 59.952038
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Pricing date: | June 12
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Settlement date: | June 17
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Agent: | Barclays Capital
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Fees: | 1.625%
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