Published on 10/30/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million of 9.5% reverse convertibles linked to El Paso
By Laura Lutz
Des Moines, Oct. 30 - Barclays Bank plc priced $1 million of 9.5% reverse convertible notes due Oct. 31, 2007 linked to El Paso Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if El Paso stock stays at or above the protection price, 80% of the initial price of $13.82, between Oct. 27, 2006 and Oct. 26, 2007, and finishes at or above the initial price. Otherwise, the payout will be in El Paso 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: | El Paso Corp.
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Amount: | $1 million
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Maturity: | Oct. 31, 2007
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Coupon: | 9.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if El Paso stock stays at or above the protection price of $11.06 and finishes at or above the initial price; otherwise shares of El Paso stock equal to $1,000 divided by the initial price
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Initial price: | $13.82
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Protection price: | $11.06, 80% of $13.82
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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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