Published on 10/30/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 13.5% reverse convertibles linked to Las Vegas
New York, Oct. 30 - Barclays Bank plc priced $2 million of 13.5% reverse convertible notes due April 30, 2008 linked to Las Vegas Sands Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Las Vegas stock falls below the protection price of $83.36, 60% of the initial price of $138.93, during the life of the notes and finishes below the initial price in which case the payout will be 7.197869 shares of Las Vegas stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Las Vegas Sands Corp. (Symbol: LVS)
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Amount: | $2 million
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Maturity: | April 30, 2008
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Coupon: | 13.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Las Vegas stock falls below the protection price of $83.36, 60% of the initial price, and finishes below the initial price, in which case 7.197869 shares of Las Vegas stock.
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Initial price: | $138.93
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Protection price: | $83.36, 60% of $138.93
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Exchange ratio: | 7.197869
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | Barclays Capital
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Agent fee: | 1.625%
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