Published on 4/29/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4 million 19.5% reverse convertibles linked to U.S. Bancorp
New York, April 29 - Barclays Bank plc priced $4 million of 19.5% reverse convertible notes due Oct. 30, 2009 linked to U.S. Bancorp shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless U.S. Bancorp shares fall below the protection price of $9.07, 50% of the initial price of $18.14, during the life of the notes and finish below the initial price in which case the payout will be 55.126792 shares of U.S. Bancorp stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | U.S. Bancorp (Symbol: USB)
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Amount: | $4 million
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Maturity: | Oct. 30, 2009
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Coupon: | 19.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless U.S. Bancorp shares fall below the protection price of $9.07, 50% of the initial price, and finish below the initial price, in which case 55.126792 shares of U.S. Bancorp stock
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Initial price: | $18.14
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Protection price: | $9.07, 50% of $18.14
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Exchange ratio: | 55.126792
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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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