Published on 5/29/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 11% reverse convertibles linked to Occidental Petroleum
New York, May 29 - Barclays Bank plc priced $3 million of 11% reverse convertible notes due Nov. 28, 2008 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 $73.09, 80% of the initial price of $91.36, during the life of the notes and finishes below the initial price in which case the payout will be 10.945709 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: | $3 million
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Maturity: | Nov. 28, 2008
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Coupon: | 11%, 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 $73.09, 80% of the initial price, and finishes below the initial price, in which case 10.945709 shares of Occidental Petroleum stock
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Initial price: | $91.36
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Protection price: | $73.09, 80% of $91.36
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Exchange ratio: | 10.945709
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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: | 1.625%
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