Published on 3/30/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million 9.75% reverse convertibles linked to BJ Services
By Laura Lutz
Des Moines, March 30 - Barclays Bank plc priced $2 million of 9.75% reverse convertible notes due March 28, 2008 linked to BJ Services Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if BJ Services stock stays at or above the protection price, 80% of the initial price of $28.17, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in BJ Services stock, with the number of shares equal to $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: | BJ Services Co.
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Amount: | $2 million
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Maturity: | March 28, 2008
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Coupon: | 9.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if BJ Services stock stays at or above the protection price of $22.54 and finishes at or above the initial price; otherwise shares of BJ Services stock equal to $1,000 divided by the initial price
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Initial price: | $28.17
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Protection price: | $22.54, 80% of $28.17
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Pricing date: | March 27
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Settlement date: | March 30
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Agent: | Barclays Capital
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Agent fee: | 2.5%
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