Published on 5/15/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10% reverse convertibles linked to Yahoo
New York, May 15 - Barclays Bank plc priced $1.5 million of 10% reverse convertible notes due May 18, 2009 linked to Yahoo! Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Yahoo stock falls below the protection price of $19.00, 70% of the initial price of $27.14, during the life of the notes and finishes below the initial price in which case the payout will be 36.845984 shares of Yahoo stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Yahoo! Inc. (Symbol: YHOO)
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Amount: | $1.5 million
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Maturity: | May 18, 2009
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Yahoo stock falls below the protection price of $19.00, 70% of the initial price, and finishes below the initial price, in which case 36.845984 shares of Yahoo stock
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Initial price: | $27.14
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Protection price: | $19.00, 70% of $27.14
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Exchange ratio: | 36.845984
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Pricing date: | May 14
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Settlement date: | May 19
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Agent: | Barclays Capital
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Fees: | 4%
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