Published on 2/18/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays sells another $10 million 8.75% reverse convertibles on Hess
By Susanna Moon
Chicago, Feb. 18 - Barclays Bank plc priced $10 million more of 8.75% reverse convertible notes due Nov. 26, 2010 based on Hess Corp. shares, according to a 424B3 filing with the Securities and Exchange Commission.
The add-on brings the total issue to $11 million. Barclays sold $1 million of the notes on Nov. 30.
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: | $11 million, up from $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 dates: | Nov. 23 for $1 million; Feb. 17 for $10 million
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Settlement dates: | Nov. 30 for $1 million; Feb. 18 for $10 million
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06739J4K6
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