Published on 3/26/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 9% reverse convertibles linked to Superior Energy
New York, March 26 - Barclays Bank plc priced $1 million of 9% reverse convertible notes due June 30, 2008 linked to Superior Energy Services, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Superior Energy stock falls below the protection price of $27.74, 75% of the initial price of $36.99, during the life of the notes and finishes below the initial price in which case the payout will be 27.034334 shares of Superior Energy stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Superior Energy Services, Inc. (Symbol: SPN)
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Amount: | $1 million
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Maturity: | June 30, 2008
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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 Superior Energy stock falls below the protection price of $27.74, 75% of the initial price, and finishes below the initial price, in which case 27.034334 shares of Superior Energy stock
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Initial price: | $36.99
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Protection price: | $27.74, 75% of $36.99
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Exchange ratio: | 27.034334
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Pricing date: | March 25
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Settlement date: | March 31
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Agent: | Barclays Capital
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Fees: | 1.5%
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