Published on 10/10/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 19.1% reverse convertibles linked to Toll Brothers
New York, Oct. 10 - Barclays Bank plc priced $3 million of 19.1% reverse convertible notes due April 14, 2008 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 unless Toll Brothers stock falls below the protection price of $15.91, 70% of the initial price of $22.73, during the life of the notes and finishes below the initial price in which case the payout will be 43.994721 shares of Toll Brothers stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Toll Brothers, Inc. (Symbol: TOL)
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Amount: | $3 million
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Maturity: | April 14, 2008
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Coupon: | 19.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Toll Brothers stock falls below the protection price of $15.91, 70% of the initial price, and finishes below the initial price, in which case 43.994721 shares of Toll Brothers stock.
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Initial price: | $22.73
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Protection price: | $15.91, 70% of $22.73
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Exchange ratio: | 43.994721
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Pricing date: | Oct. 9
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Settlement date: | Oct. 12
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Agent: | Barclays Capital
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Agent fee: | 2.85%
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