Published on 6/14/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 12.1% reverse convertibles linked to Nabors Industries
New York, June 14 - Barclays Bank plc priced $1.5 million of 12.1% reverse convertible notes due Dec. 18, 2007 linked to Nabors Industries Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Nabors Industries stock falls below the protection price of $27.34, 80% of the initial price of $34.17, during the life of the notes and finishes below the initial price in which case the payout will be 29.265438 shares of Nabors Industries stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Nabors Industries Ltd.
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Amount: | $1.5 million
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Maturity: | Dec. 18, 2007
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Coupon: | 12.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Nabors Industries stock stays at or above the protection price of $27.34 and finishes at or above the initial price; otherwise 29.265438 shares of Nabors Industries stock
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Initial price: | $34.17
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Protection price: | $27.34, 80% of $34.17
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Exchange ratio: | 29.265438
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Pricing date: | June 13
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Settlement date: | June 18
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Agent: | Barclays Capital
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Agent fee: | 1.625%
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