Published on 7/23/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.1 million 9% reverse convertibles linked to Huntsman
New York, July 23 - Barclays Bank plc priced $1.1 million of 9% reverse convertible notes due Oct. 25, 2012 linked to Huntsman Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Huntsman shares fall below the protection price of $7.37, 59.53% of the initial price of $12.38, during the life of the notes and finish below the initial price in which case the payout will be 80.77544 shares of Huntsman stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Huntsman Corp. (Symbol: HUN)
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Amount: | $1.1 million
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Maturity: | Oct. 25, 2012
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Huntsman shares fall below the protection price of $7.37, 59.53% of the initial price, and finish below the initial price, in which case 80.77544 shares of Huntsman stock
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Initial price: | $12.38
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Protection price: | $7.37, 59.53% of $12.38
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Exchange ratio: | 80.77544
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Pricing date: | July 20
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Settlement date: | July 25
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Agent: | Barclays Capital
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Fees: | 1%
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Cusip: | 06741JL23
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