Published on 7/26/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $3 million 11.5% reverse convertibles linked to Corning
By Jennifer Chiou
New York, July 26 - Barclays Bank plc priced $3 million of 11.5% reverse convertible notes due July 26, 2007 linked to Corning Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Corning stock stays at or above the protection price of $17.32, 80% of the initial price, between July 25, 2006 and July 25, 2007 or finishes at or above the $21.65 initial price. Otherwise, the payout will be in Corning stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | Corning Inc.
|
Amount: | $3 million
|
Maturity: | July 26, 2007
|
Coupon: | 11.5%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash if Corning stock stays at or above the protection price during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $21.65 shares of Corning stock
|
Initial share price: | $21.65
|
Protection price: | $17.32, 80% of initial share price
|
Pricing date: | July 25
|
Settlement date: | July 26
|
Calculation agent: | Barclays Capital
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.