Published on 5/5/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.5 million 8.75% reverse convertibles linked to Microsoft
New York, May 5 - Barclays Bank plc priced $3.5 million of 8.75% reverse convertible notes due Nov. 5, 2008 linked to Microsoft Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Microsoft stock falls below the protection price of $23.39, 80% of the initial price of $29.24, during the life of the notes and finishes below the initial price in which case the payout will be 34.199726 shares of Microsoft stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Microsoft Corp. (Symbol: MSFT)
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Amount: | $3.5 million
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Maturity: | Nov. 5, 2008
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Coupon: | 8.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Microsoft stock falls below the protection price of $23.39, 80% of the initial price, and finishes below the initial price, in which case 34.199726 shares of Microsoft stock
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Initial price: | $29.24
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Protection price: | $23.39, 80% of $29.24
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Exchange ratio: | 34.199726
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Pricing date: | May 2
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Settlement date: | May 7
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Agent: | Barclays Capital
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Fees: | 1.625%
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