Published on 2/10/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million more 20% reverse convertibles on U.S. Steel
By Toni Weeks
San Diego, Feb. 10 - Barclays Bank plc priced an additional $1 million of 20% reverse convertible notes due July 31, 2012 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
This brings the total issue size to $1.3 million. The first $300,000 of the notes priced on Jan. 26.
The payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price of $23.50, 80% of the initial price of $29.37, during the life of the notes and finish below the initial price in which case the payout will be 34.048349 shares of U.S. Steel stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | United States Steel Corp. (Symbol: X)
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Amount: | $1.3 million, increased from $300,000
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Maturity: | July 31, 2012
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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 U.S. Steel shares fall below the protection price of $23.50, 80% of the initial price, and finish below the initial price, in which case 34.048349 shares of U.S. Steel stock
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Initial price: | $29.37
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Protection price: | $23.50, 80% of $29.37
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Exchange ratio: | 34.048349
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Pricing dates: | Jan. 26 for $300,000; Feb. 8 for $1 million add-on
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Settlement dates: | Jan. 31 for $300,000; Feb. 13 for $1 million add-on
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Agent: | Barclays Capital
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Fees: | 2%
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Cusip: | 06741JQX0
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