Published on 10/30/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 16.5% notes linked to KB Home
By Angela McDaniels
Seattle, Oct. 30 - Barclays Bank plc priced a $1 million issue of reverse convertible notes due April 30, 2007 linked to KB Home stock, according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will pay 8.25% for an annualized rate of 16.5%.
The payout at maturity will be par in cash if KB Home stock stays at or above the protection price of $36.408 during the life of the notes and finishes at or above the initial price of $45.51. Otherwise, the payout will be a number of KB Home 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: | KB Home
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Amount: | $1 million
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Maturity: | April 30, 2007
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Coupon: | 16.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless KB Home stock falls below the protection price of $36.408 and finishes below the initial price of $45.51, in which case 21.97319 shares of KB Home stock
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Initial share price: | $45.51
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Protection price: | $36.408, 80% of initial share price
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Pricing date: | Oct. 27
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Settlement date: | Oct. 31
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Agent: | Barclays Capital
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Agent fees: | 150 basis points
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