Published on 6/29/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 9.25% reverse convertibles linked to Devon Energy
New York, June 29 - Barclays Bank plc priced $1 million of 9.25% reverse convertible notes due Dec. 27, 2007 linked to Devon Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Devon Energy stock falls below the protection price of $65.02, 85% of the initial price of $76.49, during the life of the notes and finishes below the initial price in which case the payout will be 13.073604 shares of Devon Energy stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Devon Energy Corp.
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Amount: | $1 million
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Maturity: | Dec. 27, 2007
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Coupon: | 9.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Devon Energy stock stays at or above the protection price of $65.02 and finishes at or above the initial price; otherwise 13.073604 shares of Devon Energy stock
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Initial price: | $76.49
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Protection price: | $65.02, 85% of $76.49
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Exchange ratio: | 13.073604
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Pricing date: | June 26
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Settlement date: | June 29
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Agent: | Barclays Capital
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Agent fee: | 1.625%
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