Published on 5/30/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $4 million 8.5% reverse convertibles linked to Aetna
By Jennifer Chiou
New York, May 30 - Barclays Bank plc priced $4 million of 8.5% reverse convertible notes due May 31, 2007 linked to Aetna Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Aetna stock stays at or above the protection price of $30.69, 80% of the initial price, between May 25, 2006 and May 25, 2007 or finishes at or above the $38.37 initial price. Otherwise, the payout will be in Aetna stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Aetna Inc.
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Amount: | $4 million
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Maturity: | May 31, 2007
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Coupon: | 8.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Aetna stock stays at or above the protection price during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $38.37 shares of Aetna stock
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Initial share price: | $38.37
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Protection price: | $30.69, 80% of initial share price
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Pricing date: | May 25
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Settlement date: | May 31
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Calculation agent: | Barclays Capital
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