Published on 5/16/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 9% reverse convertibles linked to Occidental Petroleum
New York, May 16 - Barclays Bank plc priced $1 million of 9% reverse convertible notes due May 18, 2009 linked to Occidental Petroleum Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Occidental Petroleum stock falls below the protection price of $62.16, 70% of the initial price of $88.80, during the life of the notes and finishes below the initial price in which case the payout will be 11.261261 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: | May 18, 2009
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Occidental Petroleum stock falls below the protection price of $62.16, 70% of the initial price, and finishes below the initial price, in which case 11.261261 shares of Occidental Petroleum stock
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Initial price: | $88.80
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Protection price: | $62.16, 70% of $88.80
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Exchange ratio: | 11.261261
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Pricing date: | May 14
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Settlement date: | May 19
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Agent: | Barclays Capital
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Fees: | 3%
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