Published on 1/22/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 8.25% reverse convertibles linked to Humana
New York, Jan. 22 - Barclays Bank plc priced $2 million of 8.25% reverse convertible notes due July 26, 2010 linked to Humana, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Humana shares fall below the protection price of $36.24, 70% of the initial price of $51.77, during the life of the notes and finish below the initial price in which case the payout will be 19.316206 shares of Humana stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Humana, Inc. (Symbol: HUM)
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Amount: | $2 million
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Maturity: | July 26, 2010
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Coupon: | 8.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Humana shares fall below the protection price of $36.24, 70% of the initial price, and finish below the initial price, in which case 19.316206 shares of Humana stock
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Initial price: | $51.77
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Protection price: | $36.24, 70% of $51.77
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Exchange ratio: | 19.316206
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Pricing date: | Jan. 21
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Settlement date: | Jan. 26
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Agent: | Barclays Capital
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Fees: | 1%
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Cusip: | 06740JSF8
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