Published on 4/30/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.5 million 9.75% reverse convertibles linked to Verizon Communications
New York, April 30 - Barclays Bank plc priced $3.5 million of 9.75% reverse convertible notes due Oct. 29, 2008 linked to Verizon Communications Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Verizon Communications stock falls below the protection price of $29.63, 80% of the initial price of $37.04, during the life of the notes and finishes below the initial price in which case the payout will be 26.99784 shares of Verizon Communications stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Verizon Communications Inc. (Symbol: VZ)
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Amount: | $3.5 million
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Maturity: | Oct. 29, 2008
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Coupon: | 9.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Verizon Communications stock falls below the protection price of $29.63, 80% of the initial price, and finishes below the initial price, in which case 26.99784 shares of Verizon Communications stock
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Initial price: | $37.04
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Protection price: | $29.63, 80% of $37.04
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Exchange ratio: | 26.99784
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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: | 1.625%
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