Published on 8/28/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 20% reverse convertibles linked to Southern Copper
New York, Aug. 28 - Barclays Bank plc priced $3 million of 20% reverse convertible notes due Feb. 27, 2009 linked to Southern Copper Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Southern Copper shares fall below the protection price of $17.85, 70% of the initial price of $25.50, during the life of the notes and finish below the initial price in which case the payout will be 39.215686 shares of Southern Copper stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Southern Copper Corp. (Symbol: PCU)
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Amount: | $3 million
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Maturity: | Feb. 27, 2009
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Southern Copper shares fall below the protection price of $17.85, 70% of the initial price, and finish below the initial price, in which case 39.215686 shares of Southern Copper stock
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Initial price: | $25.50
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Protection price: | $17.85, 70% of $25.50
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Exchange ratio: | 39.215686
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Pricing date: | Aug. 26
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Settlement date: | Aug. 29
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Agent: | Barclays Capital
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Fees: | 1.625%
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