Published on 3/13/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.6 million 10.7% reverse convertibles linked to Home Depot
By Laura Lutz
Des Moines, March 13 - Barclays Bank plc priced $1.6 million of reverse convertible notes due Sept. 14, 2007 linked to The Home Depot, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes pay 5.35% for an annualized rate of 10.7%. Interest is payable monthly.
Payout at maturity will be par in cash if Home Depot stock stays at or above the protection price, 85% of the initial price of $38.00, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Home Depot 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: | The Home Depot, Inc.
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Amount: | $1.6 million
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Maturity: | Sept. 14, 2007
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Coupon: | 10.7%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Home Depot stock stays at or above the protection price of $32.30 and finishes at or above the initial price; otherwise 26.31579 shares of Home Depot stock
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Initial price: | $38.00
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Protection price: | $32.30, 85% of $38.00
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Pricing date: | March 13
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Settlement date: | March 16
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Agent: | Barclays Capital
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Agent's fee: | 1.125%
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