Published on 10/30/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million of 10% reverse convertibles linked to Devon
By Laura Lutz
Des Moines, Oct. 30 - Barclays Bank plc priced $1 million of 10% reverse convertible notes due Oct. 31, 2007 linked to Devon Energy Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Devon stock stays at or above the protection price, 80% of the initial price of $67.18, between Oct. 27, 2006 and Oct. 26, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Devon stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Devon Energy Corp.
|
Amount: | $1 million
|
Maturity: | Oct. 31, 2007
|
Coupon: | 10%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash if Devon stock stays at or above the protection price of $53.74 and finishes at or above the initial price; otherwise shares of Devon stock equal to $1,000 divided by the initial price
|
Initial price: | $67.18
|
Protection price: | $53.74, 80% of $67.18
|
Pricing date: | Oct. 27
|
Settlement date: | Oct. 31
|
Agent: | Barclays Capital
|
Agent's fee: | 2.5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.