Published on 4/29/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.5 million 10.75% reverse convertibles linked to Chesapeake Energy
New York, April 29 - Barclays Bank plc priced $3.5 million of 10.75% reverse convertible notes due April 29, 2009 linked to Chesapeake Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Chesapeake Energy stock falls below the protection price of $43.74, 80% of the initial price of $54.68, during the life of the notes and finishes below the initial price in which case the payout will be 18.288222 shares of Chesapeake Energy stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Chesapeake Energy Corp. (Symbol: CHK)
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Amount: | $3.5 million
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Maturity: | April 29, 2009
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Coupon: | 10.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Chesapeake Energy stock falls below the protection price of $43.74, 80% of the initial price, and finishes below the initial price, in which case 18.288222 shares of Chesapeake Energy stock
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Initial price: | $54.68
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Protection price: | $43.74, 80% of $54.68
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Exchange ratio: | 18.288222
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | Barclays Capital
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Fees: | 2.5%
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