Published on 6/26/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.5 million 14.3% reverse convertibles linked to Frontier Oil
New York, June 26 - Barclays Bank plc priced $3.5 million of 14.3% reverse convertible notes due June 30, 2009 linked to Frontier Oil Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Frontier Oil shares fall below the protection price of $18.15, 70% of the initial price of $25.93, during the life of the notes and finishes below the initial price in which case the payout will be 38.565368 shares of Frontier Oil stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Frontier Oil Corp. (Symbol: FTO)
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Amount: | $3.5 million
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Maturity: | June 30, 2009
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Coupon: | 14.3%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Frontier Oil stock falls below the protection price of $18.15, 70% of the initial price, and finishes below the initial price, in which case 38.565368 shares of Frontier Oil stock
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Initial price: | $25.93
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Protection price: | $18.15, 70% of $25.93
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Exchange ratio: | 38.565368
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | Barclays Capital
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Fees: | 3%
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