Published on 7/26/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 9% reverse convertibles linked to Washington Mutual
New York, July 26 - Barclays Bank plc priced $3 million of 9% reverse convertible notes due July 31, 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 $31.50, 80% of the initial price of $39.38, during the life of the notes and finishes below the initial price in which case the payout will be 25.393601 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: | $3 million
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Maturity: | July 31, 2008
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Washington Mutual stock falls below the protection price of $31.50, 80% of the initial price, and finishes below the initial price, in which case 25.393601 shares of Washington Mutual stock.
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Initial price: | $39.38
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Protection price: | $31.50, 80% of $39.38
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Exchange ratio: | 25.393601
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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: | 2.25%
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