Published on 4/30/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million 13.25% reverse convertibles linked to Knight Capital Group
By Jennifer Chiou
New York, April 30 - Barclays Bank plc priced $1 million of 13.25% annualized reverse convertible notes due Nov. 1, 2007 linked to Knight Capital Group, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Knight Capital Group stock stays at or above the protection price, 80% of the initial share price of $16.58, during the life of the notes or finishes at or above the initial share price. Otherwise, the payout will be in Knight Capital Group 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: | Knight Capital Group, Inc.
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Amount: | $1 million
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Maturity: | Nov. 1, 2007
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Coupon: | 13.25% annualized, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Knight Capital Group stock stays at or above the protection price of $13.264 during the life of the notes or finishes at or above the initial share price; otherwise a number of shares equal to $1,000 divided by the initial price
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Initial share price: | $16.58
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Protection price: | $13.264, 80% of initial share price
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Pricing date: | April 27
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Settlement date: | May 2
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Agent: | Barclays Capital
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Fees: | 2%
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