Published on 12/22/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million 11.5% reverse convertibles linked to Frontier
By Laura Lutz
Washington, Dec. 22 - Barclays Bank plc priced $2 million of 11.5% reverse convertible notes due Dec. 27, 2007 linked to Frontier Oil Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Frontier stock stays at or above the protection price, 70% of the initial price of $30.06, between Dec. 21, 2006 and Dec. 21, 2007, and finishes at or above the initial price.
Otherwise, the payout will be in Frontier 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: | Frontier Oil Corp.
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Amount: | $2 million
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Maturity: | Dec. 27, 2007
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Frontier stock stays at or above the protection price of $21.042 and finishes at or above the initial price; otherwise shares of Frontier stock equal to $1,000 divided by the initial price
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Initial price: | $30.06
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Protection price: | $21.042, 70% of $30.06
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Pricing date: | Dec. 21
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Settlement date: | Dec. 29
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Agent: | Barclays Capital
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Agent fee: | 2.5%
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