Published on 4/15/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $4 million 11.5% reverse convertibles linked to Cemex
By Susanna Moon
Chicago, April 15 - Barclays Bank plc priced $4 million of 11.5% reverse convertible notes due April 16, 2009 linked to Cemex, SA de CV stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par unless Cemex stock falls below the protection price - 80% of the initial price - during the life of the notes and finishes below the initial price, in which case the payout will be a number of Cemex shares equal to $1,000 divided by the initial share price.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Cemex, SA de CV (NYSE: CX)
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Amount: | $4 million
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Maturity: | April 16, 2009
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Coupon: | 11.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Cemex stock falls below the protection price during the life of the notes and finishes below initial price, in which case 39.1543 Cemex shares
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Initial price: | $25.54
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Protection price: | $17.88, or 70% of initial price
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Pricing date: | April 14
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Settlement date: | April 17
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Agent: | Barclays Capital Inc.
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Fees: | 3.75%
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