Published on 4/16/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.5 million 10% notes linked Washington Mutual
By Angela McDaniels
Seattle, April 16 - Barclays Bank plc priced a $4.5 million issue of reverse convertible notes due Oct. 17, 2007 linked to the common stock of Washington Mutual, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 5% for an annualized rate of 10%. Interest will be payable monthly.
The payout at maturity will be par unless Washington Mutual stock falls by more than 20% during the life of the notes and finishes below the initial share price of $39.42, in which case the payout will be a number of Washington Mutual shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the decrease in the share price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Washington Mutual, Inc.
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Amount: | $4.5 million
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Maturity: | Oct. 17, 2007
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | If Washington Mutual stock falls by more than 20% during the life of the notes and finishes below the initial share price, 25.36783 Washington Mutual shares or, at Barclays' option, par minus the decrease in the share price; otherwise, par
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Initial share price: | $39.42
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Pricing date: | April 13
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Settlement date: | April 18
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Agent: | Barclays Capital
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Agent fees: | 1.625%
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