New Issue: Barclays prices $6 million 10.75% reverse convertibles linked to Microsoft

New York, April 29 - Barclays Bank plc priced $6 million of 10.75% reverse convertible notes due Oct. 31, 2008 linked to Microsoft Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Microsoft stock falls below the protection price of $23.18, 80% of the initial price of $28.97, during the life of the notes and finishes below the initial price in which case the payout will be 34.518467 shares of Microsoft stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Microsoft Corp. (Symbol: MSFT)
Amount:	$6 million
Maturity:	Oct. 31, 2008
Coupon:	10.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Microsoft stock falls below the protection price of $23.18, 80% of the initial price, and finishes below the initial price, in which case 34.518467 shares of Microsoft stock
Initial price:	$28.97
Protection price:	$23.18, 80% of $28.97
Exchange ratio:	34.518467
Pricing date:	April 28
Settlement date:	April 30
Agent:	Barclays Capital
Fees:	1.55%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.