Published on 5/16/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 8.1% reverse convertibles linked to Washington Mutual
New York, May 16 - Barclays Bank plc priced $2 million of 8.1% reverse convertible notes due May 16, 2008 linked to Washington Mutual, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Washington Mutual stock falls below the protection price of $33.94, 80% of the initial price of $42.42, during the life of the notes and finishes below the initial price in which case the payout will be 23.573786 shares of Washington Mutual stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Washington Mutual, Inc.
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Amount: | $2 million
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Maturity: | May 16, 2008
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Coupon: | 8.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Washington Mutual stock stays at or above the protection price of $33.94 and finishes at or above the initial price; otherwise 23.573786 shares of Washington Mutual stock
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Initial price: | $42.42
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Protection price: | $33.94, 80% of 42.42
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Exchange ratio: | 23.573786
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Pricing date: | May 15
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Settlement date: | May 18
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Agent: | Barclays Capital
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Agent fee: | 2.5%
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