Published on 3/29/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million 11.25% reverse convertibles linked to Goodyear
By Laura Lutz
Des Moines, March 29 - Barclays Bank plc priced $1 million of 11.25% reverse convertible notes due Sept. 28, 2007 linked to The Goodyear Tire & Rubber Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Goodyear stock stays at or above the protection price, 80% of the initial price of $31.52, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Goodyear 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: | The Goodyear Tire & Rubber Co.
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Amount: | $1 million
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Maturity: | Sept. 28, 2007
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Coupon: | 11.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Goodyear stock stays at or above the protection price of $25.216 and finishes at or above the initial price; otherwise shares of Goodyear stock equal to $1,000 divided by the initial price
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Initial price: | $31.52
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Protection price: | $25.216, 80% of $31.52
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Pricing date: | March 27
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Settlement date: | March 30
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Agent: | Barclays Capital
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Agent fee: | 2%
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