Published on 1/12/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 20% reverse convertibles linked to Wells Fargo
New York, Jan. 12 - Barclays Bank plc priced $2.5 million of 20% reverse convertible notes due April 15, 2009 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Wells Fargo shares fall below the protection price of $16.34, 65% of the initial price of $25.14, during the life of the notes and finish below the initial price in which case the payout will be 39.777247 shares of Wells Fargo stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Wells Fargo & Co. (Symbol: WFC)
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Amount: | $2.5 million
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Maturity: | April 15, 2009
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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 Wells Fargo shares fall below the protection price of $16.34, 65% of the initial price, and finish below the initial price, in which case 39.777247 shares of Wells Fargo stock
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Initial price: | $25.14
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Protection price: | $16.34, 65% of $25.14
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Exchange ratio: | 39.777247
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Pricing date: | Jan. 9
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Settlement date: | Jan. 14
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Agent: | Barclays Capital
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Fees: | 1.375%
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