Published on 12/29/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1.5 million 10.35% reverse convertibles linked to Toll Brothers
By Laura Lutz
Des Moines, Dec. 28 - Barclays Bank plc priced $1.5 million of 10.35% reverse convertible notes due Dec. 28, 2007 linked to Toll Brothers, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Toll Brothers stock stays at or above the protection price, 75% of the initial price of $31.69, between Dec. 26, 2006 and Dec. 26, 2007, and finishes at or above the initial price.
Otherwise, the payout will be in Toll Brothers 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: | Toll Brothers, Inc.
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Amount: | $1.5 million
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Maturity: | Dec. 28, 2007
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Coupon: | 10.35%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Toll Brothers stock stays at or above the protection price of $23.77 and finishes at or above the initial price; otherwise shares of Toll Brothers stock equal to $1,000 divided by the initial price
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Initial price: | $31.69
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Protection price: | $23.77, 75% of $31.69
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Pricing date: | Dec. 26
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Settlement date: | Dec. 29
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Agent: | Barclays Capital
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Agent fee: | 3.65%
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