Published on 3/11/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6 million 11.5% reverse convertibles linked to JPMorgan Chase
New York, March 11 - Barclays Bank plc priced $6 million of 11.5% reverse convertible notes due March 10, 2009 linked to JPMorgan Chase & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless JPMorgan Chase stock falls below the protection price of $22.42, 60% of the initial price of $37.37, during the life of the notes and finishes below the initial price in which case the payout will be 26.759433 shares of JPMorgan Chase stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | JPMorgan Chase & Co. (Symbol: JPM)
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Amount: | $6 million
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Maturity: | March 10, 2009
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless JPMorgan Chase stock falls below the protection price of $22.42, 60% of the initial price, and finishes below the initial price, in which case 26.759433 shares of JPMorgan Chase stock
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Initial price: | $37.37
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Protection price: | $22.42, 60% of $37.37
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Exchange ratio: | 26.759433
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Pricing date: | March 6
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Settlement date: | March 11
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Agent: | Barclays Capital
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Fees: | 2.75%
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