Published on 11/27/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million 10% reverse convertibles linked to Sunoco
By Angela McDaniels
Seattle, Nov. 27 - Barclays Bank plc priced a $1 million issue of reverse convertible notes due May 24, 2007 linked to Sunoco, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 5% for an annualized rate of 10%.
Payout at maturity will be par in cash unless Sunoco stock falls below the protection price of $48.90 during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Sunoco shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Sunoco, Inc.
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Amount: | $1 million
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Maturity: | May 24, 2007
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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 Sunoco stock stays at or above the protection price of $48.90 and finishes at or above the initial price; otherwise 15.33742 shares of Sunoco stock
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Initial price: | $65.20
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Protection price: | $48.90, 75% of $65.20
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Pricing date: | Nov. 21
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Settlement date: | Nov. 28
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Agent: | Barclays Capital
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Agent fee: | 1.575%
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