Published on 10/11/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10.9% reverse convertibles linked to Wal-Mart
New York, Oct. 11 - Barclays Bank plc priced $1.5 million of 10.9% reverse convertible notes due April 15, 2008 linked to Wal-Mart Stores, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Wal-Mart stock falls below the protection price of $36.47, 80% of the initial price of $45.59, during the life of the notes and finishes below the initial price in which case the payout will be 21.934635 shares of Wal-Mart stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Wal-Mart Stores, Inc. (Symbol: WMT)
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Amount: | $1.5 million
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Maturity: | April 15, 2008
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Coupon: | 10.9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Wal-Mart stock falls below the protection price of $36.47, 80% of the initial price, and finishes below the initial price, in which case 21.934635 shares of Wal-Mart stock.
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Initial price: | $45.59
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Protection price: | $36.47, 80% of $45.59
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Exchange ratio: | 21.934635
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Pricing date: | Oct. 10
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Settlement date: | Oct. 15
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Agent: | Barclays Capital
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Agent fee: | 0.4%
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