Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4 million 12.3% reverse convertibles linked to Goodyear Tire
New York, June 27 - Barclays Bank plc priced $4 million of 12.3% reverse convertible notes due Dec. 31, 2008 linked to Goodyear Tire & Rubber Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Goodyear Tire shares fall below the protection price of $14.36, 70% of the initial price of $20.51, during the life of the notes and finish below the initial price in which case the payout will be 48.756704 shares of Goodyear Tire stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Goodyear Tire & Rubber Co. (Symbol: GT)
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Amount: | $4 million
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Maturity: | Dec. 31, 2008
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Coupon: | 12.3%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Goodyear Tire shares fall below the protection price of $14.36, 70% of the initial price, and finish below the initial price, in which case 48.756704 shares of Goodyear Tire stock
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Initial price: | $20.51
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Protection price: | $14.36, 70% of $20.51
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Exchange ratio: | 48.756704
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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: | 1.625%
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