Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 16.9% reverse convertibles linked to Elan
New York, June 27 - Barclays Bank plc priced $1.5 million of 16.9% reverse convertible notes due Sept. 30, 2008 linked to Elan Corp., plc shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Elan shares fall below the protection price of $20.84, 60% of the initial price of $34.74, during the life of the notes and finishes below the initial price in which case the payout will be 28.785262 shares of Elan stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Elan Corp., plc (Symbol: ELN)
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Amount: | $1.5 million
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Maturity: | Sept. 30, 2008
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Coupon: | 16.9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Elan stock falls below the protection price of $20.84, 60% of the initial price, and finishes below the initial price, in which case 28.785262 shares of Elan stock
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Initial price: | $34.74
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Protection price: | $20.84, 60% of $34.74
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Exchange ratio: | 28.785262
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | Barclays Capital
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Fees: | 1.375%
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