Published on 3/29/2012 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $100,000 14% reverse convertibles linked to Western Refining
New York, March 29 - Barclays Bank plc priced $100,000 of 14% reverse convertible notes due Sept. 28, 2012 linked to Western Refining, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Western Refining shares fall below the protection price of $14.18, 75% of the initial price of $18.90, during the life of the notes and finish below the initial price in which case the payout will be 52.910053 shares of Western Refining stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Western Refining, Inc. (Symbol: WNR)
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Amount: | $100,000
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Maturity: | Sept. 28, 2012
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Coupon: | 14%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Western Refining shares fall below the protection price of $14.18, 75% of the initial price, and finish below the initial price, in which case 52.910053 shares of Western Refining stock
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Initial price: | $18.90
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Protection price: | $14.18, 75% of $18.90
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Exchange ratio: | 52.910053
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Pricing date: | March 27
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Settlement date: | March 30
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Agent: | Barclays Capital
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Fees: | 2%
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Cusip: | 06741JSL4
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