Published on 1/30/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million 17.75% reverse convertibles linked to AK Steel
By Laura Lutz
Washington, Jan. 30 - Barclays Bank plc priced $1 million of 17.75% reverse convertible notes due July 31, 2007 linked to AK Steel Holding Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if AK Steel stock stays at or above the protection price, 75% of the initial price of $19.92, between Jan. 26, 2007 and Jan. 25, 2008, and finishes at or above the initial price. Otherwise, the payout will be in AK Steel stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | AK Steel Holding Corp.
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Amount: | $1 million
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Maturity: | July 31, 2007
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Coupon: | 17.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if AK Steel stock stays at or above the protection price of $14.94 and finishes at or above the initial price; otherwise shares of AK Steel stock equal to $1,000 divided by the initial price
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Initial price: | $19.92
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Protection price: | $14.94, 75% of $19.92
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Agent fee: | 2%
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