Published on 7/26/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10.75% reverse convertibles linked to St. Jude
New York, July 26 - Barclays Bank plc priced $1.5 million of 10.75% reverse convertible notes due Jan. 31, 2008 linked to St. Jude Medical, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless St. Jude stock falls below the protection price of $38.21, 85% of the initial price of $44.95, during the life of the notes and finishes below the initial price in which case the payout will be 22.246941 shares of St. Jude stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | St. Jude Medical, Inc.
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Amount: | $1.5 million
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Maturity: | Jan. 31, 2008
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Coupon: | 10.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless St. Jude stock falls below the protection price of $38.21, 85% of the initial price, and finishes below the initial price, in which case 22.246941 shares of St. Jude stock.
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Initial price: | $44.95
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Protection price: | $38.21, 85% of $44.95
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Exchange ratio: | 22.246941
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Pricing date: | July 25
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Settlement date: | Aug. 6
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Agent: | Barclays Capital
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Agent fee: | 1.63%
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