Published on 5/29/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3 million 20% reverse convertibles linked to AMR
New York, May 29 - Barclays Bank plc priced $3 million of 20% reverse convertible notes due Nov. 28, 2007 linked to AMR Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless AMR stock falls below the protection price of $23.43, 85% of the initial price of $27.56, during the life of the notes and finishes below the initial price in which case the payout will be 36.28447 shares of AMR stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | AMR Corp.
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Amount: | $3 million
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Maturity: | Nov. 28, 2007
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if AMR stock stays at or above the protection price of $23.43 and finishes at or above the initial price; otherwise 36.28447 shares of AMR stock
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Initial price: | $27.56
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Protection price: | $23.43, 85% of 27.56
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Exchange ratio: | 36.28447
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Pricing date: | May 24
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Settlement date: | May 30
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Agent: | Barclays Capital
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Agent fee: | 2%
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