Published on 4/30/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 13.25% reverse convertibles linked to Ford Motor
New York, April 30 - Barclays Bank plc priced $1 million of 13.25% reverse convertible notes due Aug. 1, 2008 linked to Ford Motor Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Ford Motor stock falls below the protection price of $5.68, 70% of the initial price of $8.12, during the life of the notes and finishes below the initial price in which case the payout will be 123.152709 shares of Ford Motor stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Ford Motor Co. (Symbol: F)
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Amount: | $1 million
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Maturity: | Aug. 1, 2008
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Coupon: | 13.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Ford Motor stock falls below the protection price of $5.68, 70% of the initial price, and finishes below the initial price, in which case 123.152709 shares of Ford Motor stock
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Initial price: | $8.12
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Protection price: | $5.68, 70% of $8.12
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Exchange ratio: | 123.152709
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Pricing date: | April 29
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Settlement date: | May 2
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Agent: | Barclays Capital
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Fees: | 2%
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