Published on 2/6/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million 9% reverse convertibles linked to CVS
By Jennifer Chiou
New York, Feb. 6 - Barclays Bank plc priced $2 million 9% reverse convertible notes due Feb. 6, 2008 linked to CVS Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if CVS stock stays at or above the protection price, 75% of the initial price of $33.19, between Feb. 2, 2007 and Feb. 1, 2008, and finishes at or above the initial price. Otherwise, the payout will be in CVS 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: | CVS Corp.
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Amount: | $2 million
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Maturity: | Feb. 6, 2008
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if CVS stock stays at or above the protection price of $24.89 and finishes at or above the initial price; otherwise shares of CVS stock equal to $1,000 divided by the initial price
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Initial price: | $33.19
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Protection price: | $24.89, 75% of $33.19
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Pricing date: | Feb. 2
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Settlement date: | Feb. 6
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Agent: | Barclays Capital
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Fees: | 0.5%
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