Published on 11/29/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 11.8% reverse convertibles linked to Home Depot
New York, Nov. 29 - Barclays Bank plc priced $2 million of 11.8% reverse convertible notes due May 30, 2008 linked to Home Depot, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Home Depot stock falls below the protection price of $21.72, 80% of the initial price of $27.15, during the life of the notes and finishes below the initial price in which case the payout will be 36.832413 shares of Home Depot stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Home Depot, Inc. (Symbol: HD)
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Amount: | $2 million
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Maturity: | May 30, 2008
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Coupon: | 11.8%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Home Depot stock falls below the protection price of $21.72, 80% of the initial price, and finishes below the initial price, in which case 36.832413 shares of Home Depot stock.
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Initial price: | $27.15
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Protection price: | $21.72, 80% of $27.15
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Exchange ratio: | 36.832413
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Pricing date: | Nov. 27
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Settlement date: | Nov. 30
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Agent: | Barclays Capital
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Agent fee: | 1.625%
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