Published on 11/21/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million 20% reverse convertibles linked to Elan
By E. Janene Geiss
Philadelphia, Nov. 21 - Barclays Bank plc priced $2 million of 20% reverse convertible notes due Feb. 22, 2007 linked to Elan Corp., plc stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par unless Elan stock falls below the knock-in price - 80% of the initial price of $14.74 during the life of the notes and finishes below the initial share price. Otherwise, the payout will be in Elan 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: | Elan Corp., plc
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Amount: | $2 million
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Maturity: | Feb. 22, 2007
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Coupon: | 20%, payable at maturity
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Price: | Par
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Payout at maturity: | Par unless Elan stock stays at or above the protection price of $11.79; otherwise shares of Elan stock equal to $1,000 divided by the initial price
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Initial price: | $14.74
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Protection price: | $11.79, 80% of $14.74
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Pricing date: | Nov. 17
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Settlement date: | Nov. 22
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Agent: | Barclays Capital
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Agent fee: | 1.7%
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