Published on 5/27/2010 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 15% reverse convertibles linked to USG
New York, May 27 - Barclays Bank plc priced $1 million of 15% reverse convertible notes due Aug. 30, 2010 linked to USG Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless USG shares fall below the protection price of $12.62, 75% of the initial price of $16.82, during the life of the notes and finish below the initial price in which case the payout will be 59.453032 shares of USG stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | USG Corp. (Symbol: USG)
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Amount: | $1 million
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Maturity: | Aug. 30, 2010
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Coupon: | 15%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless USG shares fall below the protection price of $12.62, 75% of the initial price, and finish below the initial price, in which case 59.453032 shares of USG stock
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Initial price: | $16.82
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Protection price: | $12.62, 75% of $16.82
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Exchange ratio: | 59.453032
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Pricing date: | May 25
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Settlement date: | May 28
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Agent: | Barclays Capital
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Fees: | 2%
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Cusip: | 06740LTN5
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