Published on 7/27/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 12% reverse convertibles linked to Harley-Davidson
New York, July 27 - Barclays Bank plc priced $1 million of 12% reverse convertible notes due Jan. 27, 2011 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 $21.27, 75% of the initial price of $28.36, during the life of the notes and finish below the initial price in which case the payout will be 35.260931 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: | $1 million
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Maturity: | Jan. 27, 2011
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Coupon: | 12%, 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 $21.27, 75% of the initial price, and finish below the initial price, in which case 35.260931 shares of Harley-Davidson stock
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Initial price: | $28.36
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Protection price: | $21.27, 75% of $28.36
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Exchange ratio: | 35.260931
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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: | 06740PFK7
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