Published on 1/29/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.5 million 9% reverse convertibles linked to Hewlett Packard
New York, Jan. 29 - Barclays Bank plc priced $3.5 million of 9% reverse convertible notes due Jan. 30, 2009 linked to Hewlett Packard Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Hewlett Packard stock falls below the protection price of $32.85, 75% of the initial price of $43.80, during the life of the notes and finishes below the initial price in which case the payout will be 22.83105 shares of Hewlett Packard stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Hewlett Packard Co. (Symbol: HPQ)
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Amount: | $3.5 million
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Maturity: | Jan. 30, 2009
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Hewlett Packard stock falls below the protection price of $32.85, 75% of the initial price, and finishes below the initial price, in which case 22.83105 shares of Hewlett Packard stock.
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Initial price: | $43.80
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Protection price: | $32.85, 75% of $43.80
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Exchange ratio: | 22.83105
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Pricing date: | Jan. 28
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Agent fee: | 3%
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