Published on 4/23/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 8.5% reverse convertibles linked to Flextronics International
New York, April 23 - Barclays Bank plc priced $1.5 million of 8.5% reverse convertible notes due July 25, 2008 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 International stock falls below the protection price of $7.28, 75% of the initial price of $9.71, during the life of the notes and finishes below the initial price in which case the payout will be 102.986612 shares of Flextronics International 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. (Symbol: FLEX)
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Amount: | $1.5 million
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Maturity: | July 25, 2008
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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 unless Flextronics International stock falls below the protection price of $7.28, 75% of the initial price, and finishes below the initial price, in which case 102.986612 shares of Flextronics International stock
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Initial price: | $9.71
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Protection price: | $7.28, 75% of $9.71
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Exchange ratio: | 102.986612
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Pricing date: | April 22
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Settlement date: | April 25
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Agent: | Barclays Capital
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Fees: | 1.5%
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