Published on 9/28/2005 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $2 million 18.5% exchangeables linked to Calpine
By Jennifer Chiou
New York, Sept. 28 - Barclays Bank plc priced $2 million of one-year 18.5% exchangeable notes linked to Calpine Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Exchangeable medium-term series A notes
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Underlying stock: | Calpine Corp.
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Amount: | $2 million
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Maturity: | Sept. 29, 2006
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Coupon: | 18.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Calpine stock finishes below the initial price of $2.44 and it falls below the protection price of $1.46 between Sept. 26, 2005 and Sept. 26, 2006, in which case $1,000/$2.44 shares per $1,000 principal amount
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Protection price: | $1.46, 60% of initial price
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Initial price: | $2.44
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Pricing date: | Sept. 26
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Settlement date: | Sept. 30
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Underwriter: | Barclays Capital
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