Published on 1/30/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.75 million 12.25% reverse convertibles linked to Barrick Gold
New York, Jan. 30 - Barclays Bank plc priced $3.75 million of 12.25% reverse convertible notes due Jan. 30, 2009 linked to Barrick Gold Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Barrick Gold stock falls below the protection price of $40.18, 75% of the initial price of $53.57, during the life of the notes and finishes below the initial price in which case the payout will be 18.667164 shares of Barrick Gold stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Barrick Gold Corp. (Symbol: ABX)
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Amount: | $3.75 million
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Maturity: | Jan. 30, 2009
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Coupon: | 12.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Barrick Gold stock falls below the protection price of $40.18, 75% of the initial price, and finishes below the initial price, in which case 18.667164 shares of Barrick Gold stock.
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Initial price: | $53.57
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Protection price: | $40.18, 75% of $53.57
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Exchange ratio: | 18.667164
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Pricing date: | Jan. 28
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Agent fee: | 2.5%
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