Published on 10/19/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million 11.4% reverse convertibles linked to Harris
By Jennifer Chiou
New York, Oct. 19 - Barclays Bank plc priced $2 million of 11.4% reverse convertible notes due April 23, 2007 linked to Harris Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Harris stock stays at or above the protection price, 80% of the initial price of $43.70, between Oct. 18, 2006 and April 18, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Harris 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: | Harris Corp.
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Amount: | $2 million
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Maturity: | April 23, 2007
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Coupon: | 11.4%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Harris stock stays at or above the protection price of $34.96 and finishes at or above the initial price; otherwise shares of Harris stock equal to $1,000 divided by the initial price
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Initial price: | $43.70
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Protection price: | $34.96, 80% of initial price
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Pricing date: | Oct. 18
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Settlement date: | Oct. 23
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Agent: | Barclays Capital
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Agent fees: | 2%
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