Published on 9/28/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4 million 12% reverse convertibles linked to Yahoo!
By Laura Lutz
Des Moines, Sept. 28 - Barclays Bank plc priced $4 million of 12% reverse convertible notes due Sept. 28 linked to Yahoo! Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Yahoo! stock stays at or above the protection price, 80% of the initial price of $25.05, between Sept. 26, 2006 and Sept. 26, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Yahoo! stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Yahoo! Inc.
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Amount: | $4 million
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Maturity: | Sept. 28, 2007
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Yahoo! stock stays at or above the protection price of $20.04 and finishes at or above the initial price; otherwise shares of Yahoo! stock equal to $1,000 divided by the initial price
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Initial price: | $25.05
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Protection price: | $20.04, 80% of $25.05
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Pricing date: | Sept. 26
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Settlement date: | Sept. 29
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Agent: | Barclays Capital
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