Published on 4/29/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 12% reverse convertibles linked to Suntech Power
New York, April 29 - Barclays Bank plc priced $1 million of 12% reverse convertible notes due Oct. 29, 2010 linked to Suntech Power Holdings Co., Ltd. (American depositary shares) shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Suntech Power shares fall below the protection price of $10.00, 75% of the initial price of $13.33, during the life of the notes and finish below the initial price in which case the payout will be 75.018755 shares of Suntech Power stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Suntech Power Holdings Co., Ltd. (American depositary shares) (Symbol: STP)
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Amount: | $1 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 Suntech Power shares fall below the protection price of $10.00, 75% of the initial price, and finish below the initial price, in which case 75.018755 shares of Suntech Power stock
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Initial price: | $13.33
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Protection price: | $10.00, 75% of $13.33
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Exchange ratio: | 75.018755
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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: | 06740LJB2
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