Published on 5/19/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 9.5% reverse convertibles linked to ConocoPhillips
New York, May 19 - Barclays Bank plc priced $3 million of 9.5% reverse convertible notes due Nov. 20, 2008 linked to ConocoPhillips stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless ConocoPhillips stock falls below the protection price of $73.58, 80% of the initial price of $91.98, during the life of the notes and finishes below the initial price in which case the payout will be 10.871929 shares of ConocoPhillips stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | ConocoPhillips (Symbol: COP)
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Amount: | $3 million
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Maturity: | Nov. 20, 2008
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Coupon: | 9.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless ConocoPhillips stock falls below the protection price of $73.58, 80% of the initial price, and finishes below the initial price, in which case 10.871929 shares of ConocoPhillips stock
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Initial price: | $91.98
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Protection price: | $73.58, 80% of $91.98
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Exchange ratio: | 10.871929
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Pricing date: | May 16
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Settlement date: | May 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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