Published on 1/30/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.25 million 16% reverse convertibles linked to Freeport-McMoRan
New York, Jan. 30 - Barclays Bank plc priced $2.25 million of 16% reverse convertible notes due July 31, 2008 linked to Freeport-McMoRan Copper & Gold Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Freeport-McMoRan stock falls below the protection price of $59.71, 70% of the initial price of $85.30, during the life of the notes and finishes below the initial price in which case the payout will be 11.723329 shares of Freeport-McMoRan stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
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Amount: | $2.25 million
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Maturity: | July 31, 2008
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Coupon: | 16%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Freeport-McMoRan stock falls below the protection price of $59.71, 70% of the initial price, and finishes below the initial price, in which case 11.723329 shares of Freeport-McMoRan stock.
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Initial price: | $85.30
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Protection price: | $59.71, 70% of $85.30
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Exchange ratio: | 11.723329
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Pricing date: | Jan. 28
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Agent fee: | 2.25%
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