Published on 5/29/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 9.6% reverse convertibles linked to EMC
New York, May 29 - Barclays Bank plc priced $2.5 million of 9.6% reverse convertible notes due Nov. 28, 2008 linked to EMC Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless EMC shares fall below the protection price of $13.82, 80% of the initial price of $17.27, during the life of the notes and finishes below the initial price in which case the payout will be 57.90388 shares of EMC stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | EMC Corp. (Symbol: EMC)
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Amount: | $2.5 million
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Maturity: | Nov. 28, 2008
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Coupon: | 9.6%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless EMC stock falls below the protection price of $13.82, 80% of the initial price, and finishes below the initial price, in which case 57.90388 shares of EMC stock
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Initial price: | $17.27
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Protection price: | $13.82, 80% of $17.27
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Exchange ratio: | 57.90388
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Pricing date: | May 27
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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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