Published on 3/29/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $2 million 9% reverse convertibles linked to E*Trade
New York, March 29 - Barclays Bank plc priced $2 million of 9% reverse convertible notes due March 30, 2007 linked to E*Trade Financial Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if E*Trade stock stays at or above the protection price of 80% of the initial price between March 28, 2006 and March 28, 2007 or finishes at or above the $25.57 initial price. Otherwise, the payout will be in E*Trade 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: | E*Trade Financial Corp.
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Amount: | $2 million
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Maturity: | March 30, 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 E*Trade stock stays at or above the protection price of 80% of the initial price during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $25.57 shares of E*Trade stock
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Initial share price: | $25.57
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Protection price: | 80% of initial price
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Pricing date: | March 28
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Settlement date: | March 31
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Calculation agent: | Barclays Capital
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