Published on 5/12/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 13% reverse convertibles linked to Chesapeake Energy
By E. Janene Geiss
Philadelphia, May 12 - Barclays Bank plc priced $3 million of 13% reverse convertible notes due Nov. 13, 2008 linked to Chesapeake Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Chesapeake Energy stock falls below the protection price of $45.24, 80% of the initial price of $56.55, during the life of the notes and finishes below the initial price in which case the payout will be 17.683466 shares of Chesapeake Energy stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Chesapeake Energy Corp. (Symbol: CHK)
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Amount: | $3 million
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Maturity: | Nov. 13, 2008
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Chesapeake Energy stock falls below the protection price of $45.24, 80% of the initial price, and finishes below the initial price, in which case 17.683466 shares of Chesapeake Energy stock
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Initial price: | $56.55
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Protection price: | $45.24, 80% of $56.55
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Exchange ratio: | 17.683466
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Pricing date: | May 8
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Settlement date: | May 13
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Agent: | Barclays Capital
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Fees: | 1.75%
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