Published on 11/29/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 9.75% reverse convertibles linked to Pfizer
New York, Nov. 29 - Barclays Bank plc priced $3 million of 9.75% reverse convertible notes due May 30, 2008 linked to Pfizer Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Pfizer stock falls below the protection price of $19.45, 85% of the initial price of $22.88, during the life of the notes and finishes below the initial price in which case the payout will be 43.706294 shares of Pfizer stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Pfizer Inc. (Symbol: PFE)
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Amount: | $3 million
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Maturity: | May 30, 2008
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Coupon: | 9.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Pfizer stock falls below the protection price of $19.45, 85% of the initial price, and finishes below the initial price, in which case 43.706294 shares of Pfizer stock.
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Initial price: | $22.88
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Protection price: | $19.45, 85% of $22.88
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Exchange ratio: | 43.706294
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Pricing date: | Nov. 27
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Settlement date: | Nov. 30
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Agent: | Barclays Capital
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Agent fee: | 1.625%
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