Published on 12/11/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million add-on to 16% reverse convertibles tied to Lincoln National
By Jennifer Chiou
New York, Dec. 11 - Barclays Bank plc priced a $10 million add-on to its issue of 16% reverse convertible notes due April 30, 2010 linked to Lincoln National Corp. shares, according to a 424B3 filing with the Securities and Exchange Commission.
The original $2 million of notes priced on Oct. 27.
The payout at maturity will be par in cash unless Lincoln National shares fall below the protection price of $16.49, 70% of the initial price of $23.56, during the life of the notes and finish below the initial price in which case the payout will be Lincoln National shares equal to $1,000 principal amount divided by the initial price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Lincoln National Corp. (Symbol: LNC)
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Amount: | $12 million (including $10 million add-on)
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Maturity: | April 30, 2010
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Coupon: | 16%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Lincoln National shares fall below the protection price of $16.49, 70% of the initial price, and finish below the initial price, in which case Lincoln National shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $23.56
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Protection price: | $16.49, 70% of $23.56
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Pricing date: | Oct. 27
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Amendment date: | Dec. 10
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Settlement date: | Oct. 30 for original $2 million; Dec. 11 for add-on
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Agent: | Barclays Capital
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Fees: | 1.625%
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