Published on 1/30/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million 9.05% reverse convertibles linked to Harley-Davidson
By Laura Lutz
Washington, Jan. 30 - Barclays Bank plc priced $1 million of 9.05% reverse convertible notes due July 31, 2007 linked to Harley-Davidson, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Harley-Davidson stock stays at or above the protection price, 85% of the initial price of $70.89, between Jan. 26, 2007 and July 26, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Harley-Davidson 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: | Harley-Davidson, Inc.
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Amount: | $1 million
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Maturity: | July 31, 2007
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Coupon: | 9.05%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Harley-Davidson stock stays at or above the protection price of $60.2565 and finishes at or above the initial price; otherwise shares of Harley-Davidson stock equal to $1,000 divided by the initial price
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Initial price: | $70.89
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Protection price: | $60.2565, 85% of $70.89
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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: | 1.65%
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