Published on 7/1/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 19.15% reverse convertibles linked to Ashland
New York, July 1 - Barclays Bank plc priced $2 million of 19.15% reverse convertible notes due Dec. 31, 2009 linked to Ashland Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Ashland shares fall below the protection price of $16.80, 60% of the initial price of $28.00, during the life of the notes and finish below the initial price in which case the payout will be 35.714286 shares of Ashland stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Ashland Inc. (Symbol: ASH)
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Amount: | $2 million
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Maturity: | Dec. 31, 2009
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Coupon: | 19.15%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Ashland shares fall below the protection price of $16.80, 60% of the initial price, and finish below the initial price, in which case 35.714286 shares of Ashland stock
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Initial price: | $28.00
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Protection price: | $16.80, 60% of $28.00
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Exchange ratio: | 35.714286
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Pricing date: | June 29
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Settlement date: | July 2
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Agent: | Barclays Capital
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Fees: | 1%
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