Published on 6/15/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $1 million 9.85% reverse convertibles linked to Cemex
By Laura Lutz
Des Moines, June 15 - Barclays Bank plc priced $1 million of 9.85% reverse convertible notes due Dec. 19, 2007 linked to Cemex, SA de CV stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Cemex stock stays at or above the protection price, 80% of the initial price of $39.46, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Cemex 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: | Cemex, SA de CV
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Amount: | $1 million
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Maturity: | Dec. 19, 2007
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Coupon: | 9.85%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Cemex stock stays at or above the protection price of $31.57 and finishes at or above the initial price; otherwise shares of Cemex stock equal to $1,000 divided by the initial price
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Initial price: | $39.46
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Protection price: | $31.57, 80% of $39.46
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Pricing date: | June 14
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Settlement date: | June 19
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Agent: | Barclays Capital
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Fees: | 1.625%
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