Published on 6/29/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 17% reverse convertibles linked to Apple
New York, June 29 - Barclays Bank plc priced $2.5 million of 17% reverse convertible notes due Jan. 2, 2008 linked to Apple, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Apple stock falls below the protection price of 80% of the initial price during the life of the notes and finishes below the initial price in which case the payout will be shares of Apple stock equal to $1,000 divided by the initial price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Apple, Inc.
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Amount: | $2.5 million
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Maturity: | Jan. 2, 2008
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Coupon: | 17%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Apple stock falls below the protection price of 80% of the initial price during the life of the notes and finishes below the initial price in which case the payout will be shares of Apple stock equal to $1,000 divided by the initial price
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Initial price: | $120.40
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Protection price: | $95.77, 80% of $74.66
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Exchange ratio: | 8.353521
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Pricing date: | June 27
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Settlement date: | July 2
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Agent: | Barclays Capital
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Agent fee: | 1.625%
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