Published on 5/29/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 12.25% reverse convertibles linked to Las Vegas Sands
New York, May 29 - Barclays Bank plc priced $2.5 million of 12.25% reverse convertible notes due May 29, 2009 linked to Las Vegas Sands Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Las Vegas Sands shares fall below the protection price of $39.73, 60% of the initial price of $66.22, during the life of the notes and finishes below the initial price in which case the payout will be 15.101178 shares of Las Vegas Sands 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: | $2.5 million
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Maturity: | May 29, 2009
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Coupon: | 12.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Las Vegas Sands stock falls below the protection price of $39.73, 60% of the initial price, and finishes below the initial price, in which case 15.101178 shares of Las Vegas Sands stock
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Initial price: | $66.22
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Protection price: | $39.73, 60% of $66.22
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Exchange ratio: | 15.101178
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Pricing date: | May 27
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Settlement date: | May 30
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Agent: | Barclays Capital
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Fees: | 2.5%
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