Published on 1/8/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million 18.5% reverse convertibles linked to Nutri/System
By Laura Lutz
Des Moines, Jan. 8 - Barclays Bank plc priced $1 million of 18.5% reverse convertible notes due July 10, 2007 linked to Nutri/System Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Nutri/System stock stays at or above the protection price, 80% of the initial price of $64.72, between Jan. 5 and July 5, and finishes at or above the initial price.
Otherwise, the payout will be in Nutri/System stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Nutri/System Inc.
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Amount: | $1 million
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Maturity: | July 10, 2007
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Coupon: | 18.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Nutri/System stock stays at or above the protection price of $51.78 and finishes at or above the initial price; otherwise shares of Nutri/System stock equal to $1,000 divided by the initial price
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Initial price: | $64.72
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Protection price: | $51.78, 80% of $64.72
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Pricing date: | Jan. 5
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Settlement date: | Jan. 10
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Agent: | Barclays Capital
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Agent fee: | 2%
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