Published on 5/22/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10.25% reverse convertibles linked to Lehman
New York, May 22 - Barclays Bank plc priced $1.5 million of 10.25% reverse convertible notes due Nov. 23, 2007 linked to Lehman Brothers Holdings Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Lehman stock falls below the protection price of $57.92, 80% of the initial price of $73.31, during the life of the notes and finishes below the initial price in which case the payout will be 13.812155 shares of Lehman stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Lehman Brothers Holdings Inc.
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Amount: | $1.5 million
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Maturity: | Nov. 23, 2007
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Lehman stock stays at or above the protection price of $57.92 and finishes at or above the initial price; otherwise 13.812155 shares of Lehman stock
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Initial price: | $73.31
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Protection price: | $57.92, 80% of 73.31
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Exchange ratio: | 13.812155
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Pricing date: | May 21
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Settlement date: | May 24
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Agent: | Barclays Capital
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Agent fee: | 1.375%
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