Published on 2/25/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 9% reverse convertibles linked to Lincoln National
New York, Feb. 25 - Barclays Bank plc priced $2.5 million of 9% reverse convertible notes due Feb. 25, 2011 linked to Lincoln National Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Lincoln National shares fall below the protection price of $19.72, 80% of the initial price of $24.65, during the life of the notes and finish below the initial price in which case the payout will be 40.567951 shares of Lincoln National stock.
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: | $2.5 million
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Maturity: | Feb. 25, 2011
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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 Lincoln National shares fall below the protection price of $19.72, 80% of the initial price, and finish below the initial price, in which case 40.567951 shares of Lincoln National stock
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Initial price: | $24.65
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Protection price: | $19.72, 80% of $24.65
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Exchange ratio: | 40.567951
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Pricing date: | Feb. 23
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Settlement date: | Feb. 26
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06740JF54
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