Published on 12/31/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 9% reverse convertibles linked to Nabors Industries
New York, Dec. 26 - Barclays Bank plc priced $1.5 million of 9% reverse convertible notes due March 26, 2008 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 $22.58, 80% of the initial price of $28.22, during the life of the notes and finishes below the initial price in which case the payout will be 35.435861 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. (Symbol: NBR)
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Amount: | $1.5 million
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Maturity: | March 26, 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 Nabors Industries stock falls below the protection price of $22.58, 80% of the initial price, and finishes below the initial price, in which case 35.435861 shares of Nabors Industries stock.
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Initial price: | $28.22
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Protection price: | $22.58, 80% of $28.22
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Exchange ratio: | 35.435861
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Pricing date: | Dec. 21
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Settlement date: | Dec. 31
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Agent: | Barclays Capital
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Agent fee: | 1.5%
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