Published on 2/28/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.5 million 9.5% reverse convertibles linked to Halliburton
New York, Feb. 28 - Barclays Bank plc priced $3.5 million of 9.5% reverse convertible notes due Aug. 29, 2008 linked to Halliburton Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Halliburton stock falls below the protection price of $30.05, 80% of the initial price of $37.56, during the life of the notes and finishes below the initial price in which case the payout will be 26.624068 shares of Halliburton stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Halliburton Co. (Symbol: HAL)
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Amount: | $3.5 million
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Maturity: | Aug. 29, 2008
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Coupon: | 9.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Halliburton stock falls below the protection price of $30.05, 80% of the initial price, and finishes below the initial price, in which case 26.624068 shares of Halliburton stock
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Initial price: | $37.56
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Protection price: | $30.05, 80% of $37.56
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Exchange ratio: | 26.624068
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Pricing date: | Feb. 26
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Settlement date: | Feb. 29
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Agent: | Barclays Capital
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Fees: | 1.625%
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