Published on 12/18/2006 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3 million 8.85% reverse convertibles linked to Canadian Natural Resources
By Jennifer Chiou
New York, Dec. 18 - Barclays Bank plc priced $3 million of 8.85% reverse convertible notes due June 20, 2007 linked to the stock of Canadian Natural Resources Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertibles notes
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Underlying stock: | Canadian Natural Resources Ltd.
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Amount: | $3 million
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Maturity: | June 20, 2007
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Coupon: | 8.85%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Canadian Natural Resources stock finishes below the initial price of $52.48 and it falls below the protection price of $36.74 between Dec. 15, 2006 and June 15, 2007, in which case $1,000/$52.48 shares per $1,000 principal amount
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Initial price: | $52.48
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Protection price: | $36.74, 70% of initial price
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Pricing date: | Dec. 15
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Settlement date: | Dec. 20
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Underwriter: | Barclays Capital
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Fees: | 1.5%
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