Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 9.25% reverse convertibles linked to Nabors Industries
New York, April 29 - Barclays Bank plc priced $1 million of 9.25% reverse convertible notes due April 29, 2011 linked to Nabors Industries Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Nabors Industries shares fall below the protection price of $16.60, 80% of the initial price of $20.75, during the life of the notes and finish below the initial price in which case the payout will be 48.192771 shares of Nabors Industries stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Nabors Industries Ltd. (Symbol: NBR)
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Amount: | $1 million
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Maturity: | April 29, 2011
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Coupon: | 9.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Nabors Industries shares fall below the protection price of $16.60, 80% of the initial price, and finish below the initial price, in which case 48.192771 shares of Nabors Industries stock
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Initial price: | $20.75
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Protection price: | $16.60, 80% of $20.75
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Exchange ratio: | 48.192771
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06740LLU7
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