Published on 3/15/2005 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $2.01 million 9% exchangeables linked to Merck
New York, March 15 - Barclays Bank plc priced $2.01 million of one-year 9% exchangeable notes linked to Merck & Co., Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Exchangeable senior medium-term notes
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Underlying stock: | Merck & Co., Inc.
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Amount: | $2.014 million
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Maturity: | March 16, 2006
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Merck stock closes lower than initial price of $32.16 and Merck stock closes below protection level at some point, in which case $1,000/$32.16 shares of Merck stock
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Protection price: | $27.34, 85% of initial price of $32.16
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Exchange ratio: | $1,000/$32.16
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Exchange price: | $32.16 (initial level of Merck stock)
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Call: | Non-callable
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Pricing date: | March 11
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Settlement date: | March 16
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Lead manager: | Barclays Capital
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Distribution: | Off shelf
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