Published on 3/29/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million 11.75% reverse convertibles linked to IntercontinentalExchange
By Laura Lutz
Des Moines, March 29 - Barclays Bank plc priced $1 million of 11.75% reverse convertible notes due March 28, 2008 linked to IntercontinentalExchange, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if IntercontinentalExchange stock stays at or above the protection price, 70% of the initial price of $122.94, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in IntercontinentalExchange 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: | IntercontinentalExchange, Inc.
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Amount: | $1 million
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Maturity: | March 28, 2008
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Coupon: | 11.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if IntercontinentalExchange stock stays at or above the protection price of $86.06 and finishes at or above the initial price; otherwise shares of IntercontinentalExchange stock equal to $1,000 divided by the initial price
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Initial price: | $122.94
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Protection price: | $86.06, 70% of $122.94
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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: | 2.5%
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