Published on 7/26/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 9% reverse convertibles linked to Merrill Lynch
New York, July 26 - Barclays Bank plc priced $3 million of 9% reverse convertible notes due July 31, 2008 linked to Merrill Lynch & Co., Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Merrill Lynch stock falls below the protection price of $62.48, 80% of the initial price of $78.10, during the life of the notes and finishes below the initial price in which case the payout will be 12.804097 shares of Merrill Lynch stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Merrill Lynch & Co., Inc.
|
Amount: | $3 million
|
Maturity: | July 31, 2008
|
Coupon: | 9%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Merrill Lynch stock falls below the protection price of $62.48, 80% of the initial price, and finishes below the initial price, in which case 12.804097 shares of Merrill Lynch stock.
|
Initial price: | $78.10
|
Protection price: | $62.48, 80% of $78.10
|
Exchange ratio: | 12.804097
|
Pricing date: | July 25
|
Settlement date: | Aug. 6
|
Agent: | Barclays Capital
|
Agent fee: | 2.25%
|
|
© 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.