Published on 5/27/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 8.25% reverse convertibles linked to JPMorgan Chase
New York, May 27 - Barclays Bank plc priced $1 million of 8.25% reverse convertible notes due May 27, 2011 linked to JPMorgan Chase & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless JPMorgan Chase shares fall below the protection price of $29.21, 75% of the initial price of $38.94, during the life of the notes and finish below the initial price in which case the payout will be 25.680534 shares of JPMorgan Chase stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | JPMorgan Chase & Co. (Symbol: JPM)
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Amount: | $1 million
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Maturity: | May 27, 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 JPMorgan Chase shares fall below the protection price of $29.21, 75% of the initial price, and finish below the initial price, in which case 25.680534 shares of JPMorgan Chase stock
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Initial price: | $38.94
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Protection price: | $29.21, 75% of $38.94
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Exchange ratio: | 25.680534
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06740LG82
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