Published on 5/3/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 12% reverse convertibles linked to General Motors
New York, May 3 - Barclays Bank plc priced $2.5 million of 12% reverse convertible notes due Nov. 7, 2007 linked to General Motors Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if General Motors stock stays at or above the protection price of $21.09, 65% of the initial price of $32.44, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be 30.826141 shares of General Motors stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | General Motors Corp.
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Amount: | $2.5 million
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Maturity: | Nov. 7, 2007
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if General Motors stock stays at or above the protection price of $21.09 and finishes at or above the initial price; otherwise 30.826141 shares of General Motors stock
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Initial price: | $32.44
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Protection price: | $21.09, 65% of 32.44
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Exchange ratio: | 30.826141
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Pricing date: | May 2
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Settlement date: | May 7
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Agent: | Barclays Capital
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Agent fee: | 2.00%
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