Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 13% reverse convertibles linked to Charles Schwab
New York, June 27 - Barclays Bank plc priced $2 million of 13% reverse convertible notes due Sept. 30, 2008 linked to Charles Schwab Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Charles Schwab shares fall below the protection price of $17.38, 80% of the initial price of $21.73, during the life of the notes and finishes below the initial price in which case the payout will be 46.019328 shares of Charles Schwab stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Charles Schwab Corp. (Symbol: SCHW)
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Amount: | $2 million
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Maturity: | Sept. 30, 2008
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Coupon: | 13%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Charles Schwab stock falls below the protection price of $17.38, 80% of the initial price, and finishes below the initial price, in which case 46.019328 shares of Charles Schwab stock
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Initial price: | $21.73
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Protection price: | $17.38, 80% of $21.73
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Exchange ratio: | 46.019328
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | Barclays Capital
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Fees: | 1.375%
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