Published on 7/29/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 16% reverse convertibles linked to Southern Copper
New York, July 29 - Barclays Bank plc priced $1 million of 16% reverse convertible notes due Oct. 30, 2008 linked to Southern Copper Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Southern Copper shares fall below the protection price of $20.47, 75% of the initial price of $27.29, during the life of the notes and finish below the initial price in which case the payout will be 36.643459 shares of Southern Copper stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Southern Copper Corp. (Symbol: PCU)
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Amount: | $1 million
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Maturity: | Oct. 30, 2008
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Coupon: | 16%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Southern Copper shares fall below the protection price of $20.47, 75% of the initial price, and finish below the initial price, in which case 36.643459 shares of Southern Copper stock
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Initial price: | $27.29
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Protection price: | $20.47, 75% of $27.29
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Exchange ratio: | 36.643459
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Pricing date: | July 28
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Settlement date: | July 30
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Agent: | Barclays Capital
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Fees: | 1.375%
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