Published on 7/30/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 14% reverse convertibles linked to Coach
New York, July 30 - Barclays Bank plc priced $1 million of 14% reverse convertible notes due Jan. 30, 2009 linked to Coach, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Coach shares fall below the protection price of $19.79, 75% of the initial price of $26.38, during the life of the notes and finish below the initial price in which case the payout will be 37.907506 shares of Coach stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Coach, Inc. (Symbol: COH)
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Amount: | $1 million
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Maturity: | Jan. 30, 2009
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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 Coach shares fall below the protection price of $19.79, 75% of the initial price, and finish below the initial price, in which case 37.907506 shares of Coach stock
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Initial price: | $26.38
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Protection price: | $19.79, 75% of $26.38
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Exchange ratio: | 37.907506
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Pricing date: | July 28
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Settlement date: | July 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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