Published on 3/28/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 12% reverse convertibles linked to Deere
New York, March 28 - Barclays Bank plc priced $1 million of 12% reverse convertible notes due July 2, 2008 linked to Deere & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Deere stock falls below the protection price of $59.89, 75% of the initial price of $79.85, during the life of the notes and finishes below the initial price in which case the payout will be 12.523482 shares of Deere stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Deere & Co. (Symbol: DE)
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Amount: | $1 million
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Maturity: | July 2, 2008
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Coupon: | 12%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Deere stock falls below the protection price of $59.89, 75% of the initial price, and finishes below the initial price, in which case 12.523482 shares of Deere stock
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Initial price: | $79.85
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Protection price: | $59.89, 75% of $79.85
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Exchange ratio: | 12.523482
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Pricing date: | March 27
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Settlement date: | April 1
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Agent: | Barclays Capital
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Fees: | 1.625%
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