Published on 1/30/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.5 million 15% reverse convertibles linked to JetBlue
By Laura Lutz
Washington, Jan. 30 - Barclays Bank plc priced $1.5 million of 15% reverse convertible notes due July 31, 2007 linked to JetBlue Airways Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if JetBlue stock stays at or above the protection price, 70% of the initial price of $14.38, between Jan. 26, 2007 and July 26, 2007, and finishes at or above the initial price. Otherwise, the payout will be in JetBlue stock, with the number of shares equal to $1,000 divided by the initial share price.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
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| Underlying stock: | JetBlue Airways Corp.
|
| Amount: | $1.5 million
|
| Maturity: | July 31, 2007
|
| Coupon: | 15%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if JetBlue stock stays at or above the protection price of $10.066 and finishes at or above the initial price; otherwise shares of JetBlue stock equal to $1,000 divided by the initial price
|
| Initial price: | $14.38
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| Protection price: | $10.066, 70% of $14.38
|
| Pricing date: | Jan. 26
|
| Settlement date: | Jan. 31
|
| Agent: | Barclays Capital
|
| Agent fee: | 1.5%
|
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