Published on 6/11/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $17 million 12% reverse convertibles linked to SunPower
New York, June 11 - Barclays Bank plc priced $17 million of 12% reverse convertible notes due June 17, 2008 linked to SunPower Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless SunPower stock falls below the protection price of $32.43, 60% of the initial price of $54.05, during the life of the notes and finishes below the initial price in which case the payout will be 18.501388 shares of SunPower stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | SunPower Corp.
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Amount: | $17 million
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Maturity: | June 17, 2008
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if SunPower stock stays at or above the protection price of $32.43 and finishes at or above the initial price; otherwise 18.501388 shares of SunPower stock
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Initial price: | $54.05
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Protection price: | $32.43, 60% of 54.05
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Exchange ratio: | 18.501388
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Pricing date: | June 8
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Settlement date: | June 18
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Agent: | Barclays Capital
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Agent fee: | 3%
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