Published on 10/30/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4 million of 9% reverse convertibles linked to Alcoa
By Laura Lutz
Des Moines, Oct. 30 - Barclays Bank plc priced $4 million of 9% reverse convertible notes due Oct. 31, 2007 linked to Alcoa Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Alcoa stock stays at or above the protection price, 80% of the initial price of $28.30, between Oct. 27, 2006 and Oct. 26, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Alcoa stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Alcoa Inc.
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Amount: | $4 million
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Maturity: | Oct. 31, 2007
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Alcoa stock stays at or above the protection price of $22.64 and finishes at or above the initial price; otherwise shares of Alcoa stock equal to $1,000 divided by the initial price
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Initial price: | $28.30
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Protection price: | $22.64, 80% of $28.30
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Pricing date: | Oct. 27
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Settlement date: | Oct. 31
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Agent: | Barclays Capital
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Agent's fee: | 2.5%
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