Published on 9/18/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10.15% reverse convertibles linked to Exxon Mobil
By E. Janene Geiss
Philadelphia, Sept. 18 - Barclays Bank plc priced $1.5 million of reverse convertible notes due March 19, 2008 linked to Exxon Mobil Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 5.075% for an annualized rate of 10.15%. Interest will be payable monthly.
Payout at maturity will be par in cash unless Exxon Mobil stock falls below the protection price of $70.94, 80% of the initial price of $88.67, during the life of the notes and finishes below the initial price, in which case the payout will be 11.2778 shares of Exxon Mobil stock, or, at Barclays' option, the equivalent cash value.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Exxon Mobil Corp. (Symbol: XOM)
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Amount: | $1.5 million
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Maturity: | March 19, 2008
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Coupon: | 10.15%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Exxon Mobil stock falls below the protection price of $70.94, 80% of the initial price, and finishes below the initial price, in which case 11.2778 shares of Exxon Mobil stock, or, at Barclays' option, the equivalent cash value
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Initial price: | $88.67
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Protection price: | $70.94, 80% of $88.67
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Exchange ratio: | 11.2778
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Pricing date: | Sept. 14
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Settlement date: | Sept. 19
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Agent: | Barclays Capital
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Fees: | 1.50%
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