Published on 1/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 8.25% reverse convertibles linked to Johnson Controls
New York, Jan. 29 - Barclays Bank plc priced $2 million of 8.25% reverse convertible notes due Jan. 28, 2011 linked to Johnson Controls, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Johnson Controls shares fall below the protection price of $23.76, 80% of the initial price of $29.70, during the life of the notes and finish below the initial price in which case the payout will be 33.670034 shares of Johnson Controls stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Johnson Controls, Inc. (Symbol: JCI)
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Amount: | $2 million
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Maturity: | Jan. 28, 2011
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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 Johnson Controls shares fall below the protection price of $23.76, 80% of the initial price, and finish below the initial price, in which case 33.670034 shares of Johnson Controls stock
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Initial price: | $29.70
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Protection price: | $23.76, 80% of $29.70
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Exchange ratio: | 33.670034
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Pricing date: | Jan. 26
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Settlement date: | Jan. 29
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Agent: | Barclays Capital
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Fees: | 2.125%
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Cusip: | 06740JNZ9
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