Published on 11/30/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 8.75% reverse convertibles linked to Hess
New York, Nov. 30 - Barclays Bank plc priced $1 million of 8.75% reverse convertible notes due Nov. 26, 2010 linked to Hess Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Hess shares fall below the protection price of $44.05, 75% of the initial price of $58.73, during the life of the notes and finish below the initial price in which case the payout will be 17.027073 shares of Hess stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Hess Corp. (Symbol: HES)
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Amount: | $1 million
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Maturity: | Nov. 26, 2010
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Coupon: | 8.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Hess shares fall below the protection price of $44.05, 75% of the initial price, and finish below the initial price, in which case 17.027073 shares of Hess stock
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Initial price: | $58.73
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Protection price: | $44.05, 75% of $58.73
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Exchange ratio: | 17.027073
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Pricing date: | Nov. 23
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Settlement date: | Nov. 30
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Agent: | Barclays Capital
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Fees: | 2.5%
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