Published on 11/6/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 7.25% reverse convertibles linked to Walgreen
New York, Nov. 6 - Barclays Bank plc priced $2 million of 7.25% reverse convertible notes due Nov. 7, 2008 linked to Walgreen Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Walgreen stock falls below the protection price of $29.01, 75% of the initial price of $38.68, during the life of the notes and finishes below the initial price in which case the payout will be 25.853154 shares of Walgreen stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Walgreen Co. (Symbol: WAG)
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Amount: | $2 million
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Maturity: | Nov. 7, 2008
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Coupon: | 7.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Walgreen stock falls below the protection price of $29.01, 75% of the initial price, and finishes below the initial price, in which case 25.853154 shares of Walgreen stock.
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Initial price: | $38.68
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Protection price: | $29.01, 75% of $38.68
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Exchange ratio: | 25.853154
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Pricing date: | Nov. 5
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Settlement date: | Nov. 8
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Agent: | Barclays Capital
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Agent fee: | 2.125%
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