Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4 million 12.5% reverse convertibles linked to Apple
New York, June 27 - Barclays Bank plc priced $4 million of 12.5% reverse convertible notes due June 29, 2009 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Apple shares fall below the protection price of $124.17, 70% of the initial price of $177.39, during the life of the notes and finishes below the initial price in which case the payout will be 5.637296 shares of Apple stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Apple Inc. (Symbol: AAPL)
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Amount: | $4 million
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Maturity: | June 29, 2009
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Coupon: | 12.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Apple stock falls below the protection price of $124.17, 70% of the initial price, and finishes below the initial price, in which case 5.637296 shares of Apple stock
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Initial price: | $177.39
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Protection price: | $124.17, 70% of $177.39
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Exchange ratio: | 5.637296
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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: | 2.5%
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