Published on 12/30/2005 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $2 million 11.5% exchangeables linked to U.S. Steel
New York, Dec. 29 - Barclays Bank plc priced $2 million of one-year 11.5% exchangeable notes linked to United States Steel Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Exchangeable medium-term series A notes
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Underlying stock: | United States Steel Corp.
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Amount: | $2 million
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Maturity: | Dec. 29, 2006
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless U.S. Steel stock finishes below the initial price of $47.51 and it falls below the protection price of $38.01 between Dec. 27, 2005 and Dec. 27, 2006, in which case $1,000/$47.51 shares per $1,000 principal amount
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Protection price: | $38.01, 80% of initial price
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Initial price: | $47.51
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Pricing date: | Dec. 27
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Settlement date: | Dec. 29
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Underwriter: | Barclays Capital
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