Published on 11/30/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million 14% reverse convertibles linked to RadioShack
By Laura Lutz
Washington, Nov. 30 - Barclays Bank plc priced $1 million of 14% reverse convertible notes due May 31, 2007 linked to RadioShack Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if RadioShack stock stays at or above the protection price, 80% of the initial price of $17.41, between Nov. 29, 2006 and May 29, 2007, and finishes at or above the initial price. Otherwise, the payout will be in RadioShack stock, with the number of shares equal to $1,000 divided by the initial share price.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | RadioShack Corp.
|
| Amount: | $1 million
|
| Maturity: | May 31, 2007
|
| Coupon: | 14%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if RadioShack stock stays at or above the protection price of $13.93 and finishes at or above the initial price; otherwise shares of RadioShack stock equal to $1,000 divided by the initial price
|
| Initial price: | $17.41
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| Protection price: | $13.93, 80% of $17.41
|
| Pricing date: | Nov. 28
|
| Settlement date: | Nov. 30
|
| Agent: | Barclays Capital
|
| Agent fee: | 1.5%
|
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