Published on 4/28/2005 in the Prospect News Convertibles Daily.
New Issue: Barclays Bank sells $6 million 10.75% reverse exchangeables linked to Valero
New York, April 28 - Barclays Bank plc priced $6 million of one-year 10.75% reverse exchangeable notes linked to the common stock of Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Reverse exchangeable senior medium-term series A notes
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Underlying stock: | Valero Energy Corp.
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Amount: | $6 million
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Maturity: | May 1, 2006
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Coupon: | 10.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Valero stock finishes below the initial price of $73.25 and it falls below the protection price of $8.40 between April 25, 2005 and April 26, 2005, in which case, $1,000/$73.25 per share per $1,000 principal amount
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Protection price: | $51.28, 70% of the initial price
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Initial price: | $73.25
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Pricing date: | April 26
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Settlement date: | April 29
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Underwriter: | Barclays Capital
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