Published on 7/30/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 11.5% reverse convertibles linked to CSX
New York, July 30 - Barclays Bank plc priced $2 million of 11.5% reverse convertible notes due July 27, 2009 linked to CSX Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless CSX shares fall below the protection price of $43.27, 70% of the initial price of $61.82, during the life of the notes and finish below the initial price in which case the payout will be 16.175995 shares of CSX stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | CSX Corp. (Symbol: CSX)
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Amount: | $2 million
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Maturity: | July 27, 2009
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless CSX shares fall below the protection price of $43.27, 70% of the initial price, and finish below the initial price, in which case 16.175995 shares of CSX stock
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Initial price: | $61.82
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Protection price: | $43.27, 70% of $61.82
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Exchange ratio: | 16.175995
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Pricing date: | July 28
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Settlement date: | July 30
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Agent: | Barclays Capital
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Fees: | 2.5%
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