Published on 7/23/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 17% reverse convertibles linked to SiRF Technology
New York, July 23 - Barclays Bank plc priced $1 million of 17% reverse convertible notes due Jan. 24, 2008 linked to SiRF Technology Holdings, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless SiRF Technology stock falls below the protection price of $16.46, 70% of the initial price of $23.51, during the life of the notes and finishes below the initial price in which case the payout will be 42.535091 shares of SiRF Technology stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | SiRF Technology Holdings, Inc.
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Amount: | $1 million
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Maturity: | Jan. 24, 2008
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Coupon: | 17%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless SiRF Technology stock falls below the protection price of $16.46, 70% of the initial price, and finishes below the initial price, in which case 42.535091 shares of SiRF Technology stock.
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Initial price: | $23.51
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Protection price: | $16.46, 70% of $23.51
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Exchange ratio: | 42.535091
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Pricing date: | July 20
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Settlement date: | July 25
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Agent: | Barclays Capital
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Agent fee: | 2.25%
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