Published on 2/13/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3 million 11.05% reverse convertibles linked to Whole Foods Market
By E. Janene Geiss
Philadelphia, Feb. 13 - Barclays Bank plc priced $3 million of 11.05% reverse convertible notes due Aug. 21, 2007 linked to Whole Foods Market, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Whole Foods Market stock stays at or above the protection price, 80% of the initial price of $45.61, between Feb. 9 and Aug. 16, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Whole Foods Market stock, with the number of shares equal to $1,000 divided by the initial share price.
Barclays Capital is agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Whole Foods Market, Inc.
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Amount: | $2 million
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Maturity: | Aug. 21, 2007
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Coupon: | 11.05%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Whole Foods Market stock stays at or above the protection price of $36.49 and finishes at or above the initial price; otherwise shares of Whole Foods Market stock equal to $1,000 divided by the initial price
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Initial price: | $45.61
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Protection price: | $36.49, 80% of $45.61
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Pricing date: | Feb. 9
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Settlement date: | Feb. 21
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Agent: | Barclays Capital
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Agent fee: | 2%
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