Published on 9/9/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 17% reverse convertibles linked to Arch Coal
New York, Sept. 9 - Barclays Bank plc priced $2 million of 17% reverse convertible notes due March 11, 2009 linked to Arch Coal, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Arch Coal shares fall below the protection price of $22.65, 60% of the initial price of $37.75, during the life of the notes and finish below the initial price in which case the payout will be 26.490066 shares of Arch Coal stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Arch Coal, Inc. (Symbol: ACI)
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Amount: | $2 million
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Maturity: | March 11, 2009
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Coupon: | 17%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Arch Coal shares fall below the protection price of $22.65, 60% of the initial price, and finish below the initial price, in which case 26.490066 shares of Arch Coal stock
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Initial price: | $37.75
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Protection price: | $22.65, 60% of $37.75
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Exchange ratio: | 26.490066
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Pricing date: | Sept. 8
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Settlement date: | Sept. 11
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Agent: | Barclays Capital
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Fees: | 1.625%
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