Published on 7/28/2011 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $10 million 10.4% reverse convertibles linked to Walter Energy
New York, July 28 - Barclays Bank plc priced $10 million of 10.4% reverse convertible notes due July 27, 2012 linked to Walter Energy, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Walter Energy shares fall below the protection price of $89.13, 70% of the initial price of $127.33, during the life of the notes and finish below the initial price in which case the payout will be 7.853609 shares of Walter Energy stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Walter Energy, Inc. (Symbol: WLT)
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Amount: | $10 million
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Maturity: | July 27, 2012
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Coupon: | 10.4%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Walter Energy shares fall below the protection price of $89.13, 70% of the initial price, and finish below the initial price, in which case 7.853609 shares of Walter Energy stock
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Initial price: | $127.33
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Protection price: | $89.13, 70% of $127.33
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Exchange ratio: | 7.853609
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Pricing date: | July 26
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Settlement date: | July 29
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Agent: | Barclays Capital
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Fees: | 2.5%
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Cusip: | 06741JKT5
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