Published on 1/11/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.5 million 18.75% reverse convertibles linked to SanDisk
By Jennifer Chiou
New York, Jan. 11 - Barclays Bank plc priced $2.5 million of 18.75% reverse convertible notes due July 16, 2007 linked to SanDisk Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
At maturity, payout will be par unless SanDisk stock finishes below the initial price of $45.75 and falls below the protection price of $34.31 between Jan. 10, 2007 and July 10, 2007, in which a number of SanDisk shares equal to the principal amount of notes divided by the initial price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible medium-term series A notes
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Underlying stock: | SanDisk Corp.
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Amount: | $2.5 million
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Maturity: | July 16, 2007
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Coupon: | 18.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless SanDisk stock finishes below the initial price of $45.75 and falls below the protection price of $34.31 between Jan. 10, 2007 and July 10, 2007, in which case $1,000/$45.75 shares per $1,000 principal amount
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Protection price: | $34.31, 75% of initial price
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Initial share price: | $45.75
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Pricing date: | Jan. 10
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Settlement date: | Jan. 16
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Underwriter: | Barclays Capital
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Fees: | 1.75%
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