Published on 9/27/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 9.25% reverse convertibles linked to Lowe's
New York, Sept. 27 - Barclays Bank plc priced $2 million of 9.25% reverse convertible notes due March 28, 2008 linked to Lowe's Cos., Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Lowe's stock falls below the protection price of $22.81, 80% of the initial price of $28.51, during the life of the notes and finishes below the initial price in which case the payout will be 35.075412 shares of Lowe's stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Lowe's Cos., Inc. (Symbol: LOW)
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Amount: | $2 million
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Maturity: | March 28, 2008
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Coupon: | 9.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Lowe's stock falls below the protection price of $22.81, 80% of the initial price, and finishes below the initial price, in which case 35.075412 shares of Lowe's stock.
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Initial price: | $28.51
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Protection price: | $22.81, 80% of $28.51
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Exchange ratio: | 35.075412
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Pricing date: | Sept. 25
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Settlement date: | Sept. 28
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Agent: | Barclays Capital
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Agent fee: | 1.625%
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