Published on 11/30/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million 12.5% reverse convertibles linked to Weatherford
By Laura Lutz
Washington, Nov. 30 - Barclays Bank plc priced $2 million of 12.5% reverse convertible notes due May 31, 2007 linked to Weatherford International Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Weatherford stock stays at or above the protection price, 80% of the initial price of $42.26, between Nov. 29, 2006 and May 29, 2007 and finishes at or above the initial price. Otherwise, the payout will be in Weatherford stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Weatherford International Ltd.
|
Amount: | $2 million
|
Maturity: | May 31, 2007
|
Coupon: | 12.5%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash if Weatherford stock stays at or above the protection price of $33.81 and finishes at or above the initial price; otherwise shares of Weatherford stock equal to $1,000 divided by the initial price
|
Initial price: | $42.26
|
Protection price: | $33.81, 80% of $42.26
|
Pricing date: | Nov. 28
|
Settlement date: | Nov. 30
|
Agent: | Barclays Capital
|
Agent fee: | 1.5%
|
© 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.