Published on 5/4/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.25 million 10% reverse convertibles linked to Harris
New York, May 4 - Barclays Bank plc priced $2.25 million of 10% reverse convertible notes due Nov. 7, 2007 linked to Harris Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Harris stock stays at or above the protection price of $39.06, 80% of the initial price of $48.83, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be 20.479214 shares of Harris stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Harris Corp.
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Amount: | $2.25 million
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Maturity: | Nov. 7, 2007
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Harris stock stays at or above the protection price of $39.06 and finishes at or above the initial price; otherwise 20.479214 shares of Harris stock
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Initial price: | $48.83
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Protection price: | $39.06, 80% of 48.83
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Exchange ratio: | 20.479214
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Pricing date: | May 3
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Settlement date: | May 8
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Agent: | Barclays Capital
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Agent fee: | 1.125%
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