Published on 7/22/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10.25% reverse convertibles linked to Westinghouse Air
New York, July 22 - Barclays Bank plc priced $1.5 million of 10.25% reverse convertible notes due Oct. 24, 2008 linked to Westinghouse Air Brake Technologies shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Westinghouse Air shares fall below the protection price of $34.71, 65% of the initial price of $53.40, during the life of the notes and finish below the initial price in which case the payout will be 18.726592 shares of Westinghouse Air stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Westinghouse Air Brake Technologies (Symbol: WAB)
|
Amount: | $1.5 million
|
Maturity: | Oct. 24, 2008
|
Coupon: | 10.25%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Westinghouse Air shares fall below the protection price of $34.71, 65% of the initial price, and finish below the initial price, in which case 18.726592 shares of Westinghouse Air stock
|
Initial price: | $53.40
|
Protection price: | $34.71, 65% of $53.40
|
Exchange ratio: | 18.726592
|
Pricing date: | July 21
|
Settlement date: | July 24
|
Agent: | Barclays Capital
|
Fees: | 2%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.