Published on 6/13/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 9.1% reverse convertibles linked to Flextronics
New York, June 13 - Barclays Bank plc priced $1.5 million of 9.1% reverse convertible notes due Sept. 14, 2007 linked to Flextronics International Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Flextronics stock falls below the protection price of $8.84, 80% of the initial price of $11.05, during the life of the notes and finishes below the initial price in which case the payout will be 90.497738 shares of Flextronics stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Flextronics International Ltd.
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Amount: | $1.5 million
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Maturity: | Sept. 14, 2007
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Coupon: | 9.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Flextronics stock stays at or above the protection price of $8.84 and finishes at or above the initial price; otherwise 90.497738 shares of Flextronics stock
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Initial price: | $11.05
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Protection price: | $8.84, 80% of $11.05
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Exchange ratio: | 90.497738
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Pricing date: | June 12
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Settlement date: | June 15
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Agent: | Barclays Capital
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Agent fee: | 1.25%
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