Published on 1/30/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3 million 12.25% reverse convertibles linked to Freeport-McMoRan
By Laura Lutz
Washington, Jan. 30 - Barclays Bank plc priced $3 million of 12.25% reverse convertible notes due Jan. 30, 2008 linked to Freeport-McMoRan Copper & Gold Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Freeport-McMoRan stock stays at or above the protection price, 75% of the initial price of $58.49, between Jan. 26, 2007 and Jan. 25, 2008, and finishes at or above the initial price. Otherwise, the payout will be in Freeport-McMoRan 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: | Freeport-McMoRan Copper & Gold Inc.
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Amount: | $3 million
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Maturity: | Jan. 30, 2008
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Coupon: | 12.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Freeport-McMoRan stock stays at or above the protection price of $43.8675 and finishes at or above the initial price; otherwise shares of Freeport-McMoRan stock equal to $1,000 divided by the initial price
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Initial price: | $58.49
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Protection price: | $43.8675, 75% of $58.49
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Agent fee: | 2.5%
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