Published on 4/30/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10.75% reverse convertibles linked to Savvis
New York, April 30 - Barclays Bank plc priced $1 million of 10.75% reverse convertible notes due July 30, 2010 linked to Savvis, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Savvis shares fall below the protection price of $13.89, 75% of the initial price of $18.52, during the life of the notes and finish below the initial price in which case the payout will be 53.99568 shares of Savvis stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Savvis, Inc. (Symbol: SVVS)
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Amount: | $1 million
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Maturity: | July 30, 2010
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Coupon: | 10.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Savvis shares fall below the protection price of $13.89, 75% of the initial price, and finish below the initial price, in which case 53.99568 shares of Savvis stock
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Initial price: | $18.52
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Protection price: | $13.89, 75% of $18.52
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Exchange ratio: | 53.99568
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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: | 0.65%
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Cusip: | 06740LDU6
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