Published on 3/24/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million more 10.25% reverse convertibles on H&R Block
By Susanna Moon
Chicago, March 24 - Barclays Bank plc priced another $10 million of 10.25% annualized reverse convertible notes due Sept. 20, 2011 linked to H&R Block, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total deal size to $11.5 million, up from $1.5 million.
The payout at maturity will be par in cash unless H&R Block shares fall below the protection price - 70% of the initial price - during the life of the notes and finish below the initial price in which case the payout will be a number of H&R Block shares equal to $1,000 divided by the initial share price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | H&R Block, Inc. (Symbol: HRB)
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Amount: | $11.5 million, up from $1.5 million
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Maturity: | Sept. 20, 2011
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless the stock falls below the protection price of and finishes below the initial price, in which case 62.853551 H&R Block shares
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Initial price: | $15.91
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Protection price: | $11.14, 70% of initial price
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Pricing date: | March 15 for $1.5 million, March 23 for $10 million
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Settlement date: | March 18 for $1.5 million, March 28 for $10 million
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Agent: | Barclays Capital
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Fees: | 1.625%
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Cusip: | 06741JEZ8
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