Published on 5/29/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 9.875% reverse convertibles linked to Las Vegas Sands
By Jennifer Chiou
New York, May 29 - Barclays Bank plc priced $3 million of 9.875% reverse convertible notes due Nov. 28, 2007 linked to Las Vegas Sands Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Las Vegas Sands stock falls below the protection price of $54.45, 70% of the initial price of $77.79, during the life of the notes and finishes below the initial price, in which case the payout will be 12.855128 shares of Las Vegas Sands stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Las Vegas Sands Corp.
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Amount: | $3 million
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Maturity: | Nov. 28, 2007
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Coupon: | 9.875%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Las Vegas Sands stock stays at or above the protection price of $54.45 and finishes at or above the initial price; otherwise 12.855128 shares of Las Vegas Sands stock
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Initial price: | $77.79
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Protection price: | $54.45, 70% of 77.79
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Exchange ratio: | 12.855128
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Pricing date: | May 24
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Settlement date: | May 31
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Agent: | Barclays Capital
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Fees: | 2%
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