Published on 4/24/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2.5 million 10.5% six-month reverse convertibles linked to Bear Stearns
By E. Janene Geiss
Philadelphia, April 24 - Barclays Bank plc priced $2.5 million of 5.25% (10.5% annual equivalent) reverse convertible notes due Oct. 26, 2007 linked to Bear Stearns Cos. Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Bear Stearns stock stays at or above the protection price, 85% of the initial price of $156.60, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Bear Stearns stock, with the number of shares equal to $1,000 divided by the initial share price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Bear Stearns Cos. Inc.
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Amount: | $2.5 million
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Maturity: | Oct. 26, 2007
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Coupon: | 5.25% (10.5% annual equivalent), payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Bear Stearns stock stays at or above the protection price of $133.11 and finishes at or above the initial price; otherwise shares of Bear Stearns stock equal to $1,000 divided by the initial price
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Initial price: | $156.60
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Protection price: | $133.11, 85% of $156.60
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Exchange ratio: | 6.386
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Pricing date: | April 20
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Settlement date: | April 27
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Agent: | Barclays Capital
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Agent fee: | 1.625%
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