Published on 5/31/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 10.2% reverse convertibles linked to Countrywide
New York, May 31 - Barclays Bank plc priced $2 million of 10.2% reverse convertible notes due Dec. 4, 2007 linked to Countrywide Financial Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Countrywide stock falls below the protection price of $27.77, 70% of the initial price of $39.67, during the life of the notes and finishes below the initial price in which case the payout will be 25.207966 shares of Countrywide stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Countrywide Financial Corp.
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Amount: | $2 million
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Maturity: | Dec. 4, 2007
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Coupon: | 10.2%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Countrywide stock stays at or above the protection price of $27.77 and finishes at or above the initial price; otherwise 25.207966 shares of Countrywide stock
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Initial price: | $39.67
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Protection price: | $27.77, 70% of $39.67
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Exchange ratio: | 25.207966
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Pricing date: | May 30
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Settlement date: | June 4
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Agent: | Barclays Capital
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Agent fee: | 2.25%
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