Published on 6/26/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 10% reverse convertibles linked to Sotheby's
By Jennifer Chiou
New York, June 26 - Barclays Bank plc priced $1 million of 10% reverse convertible notes due June 25, 2008 linked to Sotheby's Holdings, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Sotheby's stock falls below the protection price of $36.2625, 75% of the initial price of $48.35, during the life of the notes and finishes below the initial price in which case the payout will be shares of Sotheby's stock equal to $1,000 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: | Sotheby's Holdings, Inc.
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Amount: | $1 million
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Maturity: | June 25, 2008
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Sotheby's stock stays at or above the protection price of $36.2625 and finishes at or above the initial price; otherwise shares of Sotheby's stock equal to $1,000 divided by the initial price
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Initial price: | $48.35
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Protection price: | $36.2625, 75% of $48.35
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Pricing date: | June 22
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Settlement date: | June 27
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Agent: | Barclays Capital
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Fees: | 3%
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