Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 12% reverse convertibles linked to SunPower
New York, April 29 - Barclays Bank plc priced $2 million of 12% reverse convertible notes due Oct. 29, 2010 linked to SunPower Corp. (Class A) shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless SunPower shares fall below the protection price of $12.95, 75% of the initial price of $17.27, during the life of the notes and finish below the initial price in which case the payout will be 57.90388 shares of SunPower stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | SunPower Corp. (Class A) (Symbol: SPWRA)
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Amount: | $2 million
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Maturity: | Oct. 29, 2010
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless SunPower shares fall below the protection price of $12.95, 75% of the initial price, and finish below the initial price, in which case 57.90388 shares of SunPower stock
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Initial price: | $17.27
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Protection price: | $12.95, 75% of $17.27
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Exchange ratio: | 57.90388
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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: | 1.625%
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Cusip: | 06740LJA4
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