Published on 7/25/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays prices $2 million 10.5% exchangeables linked to Fluor
By Jennifer Chiou
New York, July 25 - Barclays Bank plc priced a $2 million issue of 10.5% exchangeable notes due July 26, 2007 linked to Fluor Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
At maturity, investors will receive par unless Fluor stock finishes below the initial price and falls below the protection price of $59.14, 70% of the initial share price, between July 21, 2006 and July 20, 2007, in which case the payout will be $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Fluor Corp.
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Amount: | $2 million
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Maturity: | July 26, 2007
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Fluor stock stays at or above the protection price of $59.14 during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $84.49 shares of Fluor stock
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Initial share price: | $84.49
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Protection price: | $59.14, 70% of initial share price
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Pricing date: | July 21
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Settlement date: | July 26
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Calculation agent: | Barclays Capital
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