Published on 3/28/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 10.375% reverse convertibles linked to Dow Chemical
New York, March 28 - Barclays Bank plc priced $3 million of 10.375% reverse convertible notes due Sept. 30, 2008 linked to Dow Chemical Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Dow Chemical stock falls below the protection price of $30.25, 80% of the initial price of $37.81, during the life of the notes and finishes below the initial price in which case the payout will be 26.44803 shares of Dow Chemical stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Dow Chemical Co. (Symbol: DOW)
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Amount: | $3 million
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Maturity: | Sept. 30, 2008
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Coupon: | 10.375%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Dow Chemical stock falls below the protection price of $30.25, 80% of the initial price, and finishes below the initial price, in which case 26.44803 shares of Dow Chemical stock
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Initial price: | $37.81
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Protection price: | $30.25, 80% of $37.81
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Exchange ratio: | 26.44803
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Pricing date: | March 26
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Settlement date: | March 31
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Agent: | Barclays Capital
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Fees: | 1.625%
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