Published on 8/20/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 19.25% reverse convertibles linked to Monsanto
New York, Aug. 20 - Barclays Bank plc priced $1 million of 19.25% reverse convertible notes due Nov. 24, 2008 linked to Monsanto Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Monsanto shares fall below the protection price of $85.48, 75% of the initial price of $113.97, during the life of the notes and finish below the initial price in which case the payout will be Monsanto shares equal to $1,000 principal amount divided by the initial price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Monsanto Co. (Symbol: MON)
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Amount: | $1 million
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Maturity: | Nov. 24, 2008
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Coupon: | 19.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Monsanto shares fall below the protection price $85.48, 75% of the initial price, and finish below the initial price, in which case Monsanto shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $113.97
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Protection price: | $85.48
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Pricing date: | Aug. 19
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Settlement date: | Aug. 22
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Agent: | Barclays Capital
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Fees: | 1.375%
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