Published on 1/30/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.5 million 14.1% reverse convertibles linked to General Motors
By Laura Lutz
Washington, Jan. 30 - Barclays Bank plc priced $1.5 million of 14.1% reverse convertible notes due July 31, 2007 linked to General Motors Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if General Motors stock stays at or above the protection price, 75% of the initial price of $32.93, between Jan. 26, 2007 and Jan. 25, 2008, and finishes at or above the initial price. Otherwise, the payout will be in General Motors 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: | General Motors Corp.
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Amount: | $1.5 million
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Maturity: | July 31, 2007
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Coupon: | 14.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if General Motors stock stays at or above the protection price of $24.6975 and finishes at or above the initial price; otherwise shares of General Motors stock equal to $1,000 divided by the initial price
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Initial price: | $32.93
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Protection price: | $24.70, 75% of $32.93
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Agent fee: | 2%
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