Published on 3/15/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $1.5 million 8% reverse convertibles linked to Starbucks
By Jennifer Chiou
New York, March 15 - Barclays Bank plc priced $1.5 million of one-year 8% reverse convertible notes linked to Starbucks Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Starbucks Corp.
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Amount: | $1.5 million
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Maturity: | March 16, 2007
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Coupon: | 8%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Starbucks stock finishes below initial price of $36.25 and it falls below protection price of $29.00 between March 14, 2006 and March 14, 2007, in which case $1,000/$36.25 shares per $1,000 principal amount
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Initial price: | $36.25
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Protection price: | $29.00, 80% of initial price
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Pricing date: | March 14
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Settlement date: | March 17
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Underwriter: | Barclays Capital
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