Published on 4/24/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3 million 20% six-month reverse convertibles linked to Continental Airlines
By E. Janene Geiss
Philadelphia, April 24 - Barclays Bank plc priced $3 million of 10% (20% annual equivalent) reverse convertible notes due Oct. 26, 2007 linked to Continental Airlines, Inc. class B stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Continental Airlines stock stays at or above the protection price, 75% of the initial price of $38.92, during the life of the notes and finishes at or above the initial price. Otherwise, the payout will be in Continental Airlines class B stock, with the number of shares equal to $1,000 divided by the initial share price.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Continental Airlines, Inc.
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Amount: | $3 million
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Maturity: | Oct. 26, 2007
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Coupon: | 10% (20% annual equivalent), payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Continental Airlines stock stays at or above the protection price of $29.19 and finishes at or above the initial price; otherwise shares of Continental Airlines stock equal to $1,000 divided by the initial price
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Initial price: | $38.92
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Protection price: | $29.19, 75% of $38.92
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Exchange ratio: | 25.694
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Pricing date: | April 20
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Settlement date: | April 27
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Agent: | Barclays Capital
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Agent fee: | 1.5%
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