Published on 7/26/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 19% reverse convertibles linked to Vertex Pharmaceuticals
New York, July 26 - Barclays Bank plc priced $1.5 million of 19% reverse convertible notes due Jan. 31, 2008 linked to Vertex Pharmaceuticals Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Vertex Pharmaceuticals stock falls below the protection price of $24.74, 75% of the initial price of $32.98, during the life of the notes and finishes below the initial price in which case the payout will be 30.321407 shares of Vertex Pharmaceuticals stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Vertex Pharmaceuticals Inc.
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Amount: | $1.5 million
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Maturity: | Jan. 31, 2008
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Coupon: | 19%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Vertex Pharmaceuticals stock falls below the protection price of $24.74, 75% of the initial price, and finishes below the initial price, in which case 30.321407 shares of Vertex Pharmaceuticals stock.
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Initial price: | $32.98
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Protection price: | $24.74, 75% of $32.98
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Exchange ratio: | 30.321407
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Pricing date: | July 25
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Settlement date: | Aug. 6
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Agent: | Barclays Capital
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Agent fee: | 1.63%
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