Published on 10/29/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 16% reverse convertibles linked to Occidental Petroleum
New York, Oct. 29 - Barclays Bank plc priced $1 million of 16% reverse convertible notes due Jan. 30, 2009 linked to Occidental Petroleum Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Occidental Petroleum shares fall below the protection price of $29.81, 60% of the initial price of $49.69, during the life of the notes and finish below the initial price in which case the payout will be 20.124774 shares of Occidental Petroleum stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Occidental Petroleum Corp. (Symbol: OXY)
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Amount: | $1 million
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Maturity: | Jan. 30, 2009
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Coupon: | 16%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Occidental Petroleum shares fall below the protection price of $29.81, 60% of the initial price, and finish below the initial price, in which case 20.124774 shares of Occidental Petroleum stock
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Initial price: | $49.69
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Protection price: | $29.81, 60% of $49.69
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Exchange ratio: | 20.124774
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Pricing date: | Oct. 28
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Settlement date: | Oct. 31
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Agent: | Barclays Capital
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Fees: | 2%
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