Published on 2/26/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10% notes linked to IndyMac
By Angela McDaniels
Seattle, Feb. 26 - Barclays Bank plc priced a $1.5 million offering of 10% reverse convertible notes due Feb. 27, 2008 linked to the common stock of IndyMac Bancorp, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless IndyMac stock falls below the protection level of $28.12 during the life of the notes and finishes below the initial share price of $35.15, in which case the payout will be a number of IndyMac shares equal to $1,000 divided by the initial share price.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | IndyMac Bancorp, Inc.
|
| Amount: | $1.5 million
|
| Maturity: | Feb. 27, 2008
|
| Coupon: | 10%, payable monthly
|
| Payout at maturity: | If IndyMac falls below the protection level during the life of the notes and finishes below the initial share price, 28.4495 shares of IndyMac stock; otherwise, par
|
| Initial share price: | $35.15
|
| Protection level: | $28.12, 80% of $35.15
|
| Pricing date: | Feb. 23
|
| Settlement date: | Feb. 28
|
| Agent: | Barclays Capital Inc.
|
| Agent fees: | 2.5%
|
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