Published on 10/29/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1 million 12.25% reverse convertibles linked to Corning
New York, Oct. 29 - Barclays Bank plc priced $1 million of 12.25% reverse convertible notes due April 30, 2008 linked to Corning Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Corning stock falls below the protection price of $18.90, 80% of the initial price of $23.62, during the life of the notes and finishes below the initial price in which case the payout will be 42.337003 shares of Corning stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Corning Inc. (Symbol: GLW)
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Amount: | $1 million
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Maturity: | April 30, 2008
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Coupon: | 12.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Corning stock falls below the protection price of $18.90, 80% of the initial price, and finishes below the initial price, in which case 42.337003 shares of Corning stock.
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Initial price: | $23.62
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Protection price: | $18.90, 80% of $23.62
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Exchange ratio: | 42.337003
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Pricing date: | Oct. 26
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Settlement date: | Oct. 31
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Agent: | Barclays Capital
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Agent fee: | 2.25%
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