Published on 9/18/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 10.4% reverse convertibles linked to Deere
By E. Janene Geiss
Philadelphia, Sept. 18 - Barclays Bank plc priced $2 million of 10.4% reverse convertible notes due Sept. 17, 2008 linked to Deere & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
Payout at maturity will be par in cash unless Deere stock falls below the protection price of $110.34, 80% of the initial price of $137.93, during the life of the notes and finishes below the initial price, in which case the payout will be 7.25 shares of Deere stock, or, at Barclays' option, the equivalent cash value.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Deere & Co. (Symbol: DE)
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Amount: | $2 million
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Maturity: | Sept. 17, 2008
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Coupon: | 10.4%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Deere stock falls below the protection price of $110.34, 80% of the initial price, and finishes below the initial price, in which case 7.25 shares of Deere stock, or, at Barclays' option, the equivalent cash value
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Initial price: | $137.93
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Protection price: | $110.34, 80% of $137.93
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Exchange ratio: | 7.25
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Pricing date: | Sept. 14
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Settlement date: | Sept. 19
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Agent: | Barclays Capital
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Fees: | 3%
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