Published on 4/20/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 8% reverse convertibles linked to Microsoft
New York, April 20 - Barclays Bank plc priced $2 million of 8% reverse convertible notes due Oct. 24, 2007 linked to Microsoft Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Microsoft stock stays at or above the protection price, 85% of the initial price of $28.67, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be 34.879665 shares of Microsoft stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Microsoft Inc.
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Amount: | $2 million
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Maturity: | Oct. 24, 2007
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Microsoft stock stays at or above the protection price of $24.37 and finishes at or above the initial price; otherwise 34.879665 shares of Microsoft stock
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Initial price: | $28.67
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Protection price: | $24.37, 85% of $28.67
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Exchange ratio: | 34.879665
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Pricing date: | April 19, 2007
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Settlement date: | April 24, 2007
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Agent: | Barclays Capital
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Agent fee: | 1.00%
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