Published on 9/9/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 17.75% reverse convertibles linked to Noble
New York, Sept. 9 - Barclays Bank plc priced $2 million of 17.75% reverse convertible notes due March 11, 2009 linked to Noble Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Noble shares fall below the protection price of $30.46, 70% of the initial price of $43.52, during the life of the notes and finish below the initial price in which case the payout will be 22.977941 shares of Noble stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Noble Corp. (Symbol: NE)
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Amount: | $2 million
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Maturity: | March 11, 2009
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Coupon: | 17.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Noble shares fall below the protection price of $30.46, 70% of the initial price, and finish below the initial price, in which case 22.977941 shares of Noble stock
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Initial price: | $43.52
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Protection price: | $30.46, 70% of $43.52
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Exchange ratio: | 22.977941
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Pricing date: | Sept. 8
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Settlement date: | Sept. 11
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Agent: | Barclays Capital
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Fees: | 0.5%
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