Published on 2/26/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 9.25% notes linked to America Movil
By Angela McDaniels
Seattle, Feb. 26 - Barclays Bank plc priced a $1 million offering of 9.25% reverse convertible notes due Feb. 27, 2008 linked to the series L stock of America Movil SA de CV, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless America Movil stock falls below the protection level of $40.0775 and finishes below the initial share level of $47.15, in which case the payout will be a number of America Movil 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: | America Movil SA de CV, series L
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Amount: | $1 million
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Maturity: | Feb. 27, 2008
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Coupon: | 9.25%, payable monthly
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Payout at maturity: | If America Movil falls below the protection level during the life of the notes and finishes below the initial share price, 21.20891 shares of America Movil stock; otherwise, par
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Initial share price: | $47.15
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Protection level: | $40.0775, 85% of $47.15
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | Barclays Capital Inc.
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Agent fees: | 2.5%
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