Published on 8/8/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $0.75 million 8.53% reverse convertibles linked to Exxon Mobil
By Jennifer Chiou
New York, Aug. 8 - Barclays Bank plc priced $0.75 million of 8.53% reverse convertible notes due May 9, 2007 linked to Exxon Mobil Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Exxon Mobil stock stays at or above the protection price of $54.47, 80% of the initial price, between Aug. 4, 2006 and May 4, 2007 or finishes at or above the $68.09 initial price. Otherwise, the payout will be in Exxon Mobil 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: | Exxon Mobil Corp.
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Amount: | $0.75 million
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Maturity: | May 9, 2007
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Coupon: | 8.53%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Exxon Mobil stock stays at or above the protection price during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $68.09 shares of Exxon Mobil stock
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Initial share price: | $68.09
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Protection price: | $54.47, 80% of initial share price
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Pricing date: | Aug. 4
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Settlement date: | Aug. 9
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Calculation agent: | Barclays Capital
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