Published on 1/30/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $100,000 10% reverse convertibles linked to Hewlett-Packard
New York, Jan. 30 - Barclays Bank plc priced $100,000 of 10% reverse convertible notes due July 31, 2012 linked to Hewlett-Packard Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Hewlett-Packard shares fall below the protection price of $20.99, 75% of the initial price of $27.99, during the life of the notes and finish below the initial price in which case the payout will be 35.727045 shares of Hewlett-Packard stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Hewlett-Packard Co. (Symbol: HPQ)
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Amount: | $100,000
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Maturity: | July 31, 2012
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Hewlett-Packard shares fall below the protection price of $20.99, 75% of the initial price, and finish below the initial price, in which case 35.727045 shares of Hewlett-Packard stock
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Initial price: | $27.99
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Protection price: | $20.99, 75% of $27.99
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Exchange ratio: | 35.727045
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Fees: | 1.3%
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Cusip: | 06741JQS1
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