Published on 2/21/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.25 million 19.85% notes linked to JetBlue
By Angela McDaniels
Seattle, Feb. 21 - Barclays Bank plc priced a $3.25 million offering of reverse convertible notes due Aug. 24, 2007 linked to the common stock of JetBlue Airways Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 9.925% for an annualized rate of 19.85%. Interest will be payable monthly.
The payout at maturity will be par unless JetBlue stock falls below the protection price of $9.98 during the life of the notes and finishes below the initial share price of $13.31, in which case the payout will be a number of JetBlue shares equal to $1,000 divided by the initial share price or par minus the percentage decline in the JetBlue share price.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
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| Underlying stock: | JetBlue Airways Corp.
|
| Amount: | $3.25 million
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| Maturity: | Aug. 24, 2007
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| Coupon: | 19.85%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par if JetBlue remains at or above the protection price during the life of the notes and finishes at or above the initial share price; otherwise, 75.13148 JetBlue shares or par minus the percentage decline in the share price
|
| Initial share price: | $13.31
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| Protection price: | $9.98, 75% of initial share price
|
| Pricing date: | Feb. 21
|
| Settlement date: | Feb. 26
|
| Agent: | Barclays Capital Inc.
|
| Agent fees: | 1.5%
|
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