Published on 5/22/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.25 million 10% reverse convertibles linked to BHP Billiton
New York, May 22 - Barclays Bank plc priced $1.25 million of 10% reverse convertible notes due Nov. 23, 2007 linked to BHP Billiton Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless BHP Billiton stock falls below the protection price of $40.88, 80% of the initial price of $51.56, during the life of the notes and finishes below the initial price in which case the payout will be 19.569472 shares of BHP Billiton stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | BHP Billiton Ltd.
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Amount: | $1.25 million
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Maturity: | Nov. 23, 2007
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if BHP Billiton stock stays at or above the protection price of $40.88 and finishes at or above the initial price; otherwise 19.569472 shares of BHP Billiton stock
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Initial price: | $51.56
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Protection price: | $40.88, 80% of 51.56
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Exchange ratio: | 19.569472
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Pricing date: | May 21
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Settlement date: | May 24
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Agent: | Barclays Capital
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Agent fee: | 1.375%
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