Published on 1/30/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million 9.55% reverse convertibles linked to Motorola
By Laura Lutz
Washington, Jan. 30 - Barclays Bank plc priced $2 million of 9.55% reverse convertible notes due Jan. 30, 2008 linked to Motorola, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Motorola stock stays at or above the protection price, 85% of the initial price of $18.38, between Jan. 26, 2007 and Jan. 25, 2008, and finishes at or above the initial price. Otherwise, the payout will be in Motorola stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Motorola, Inc.
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Amount: | $2 million
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Maturity: | Jan. 30, 2008
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Coupon: | 9.55%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Motorola stock stays at or above the protection price of $15.623 and finishes at or above the initial price; otherwise shares of Motorola stock equal to $1,000 divided by the initial price
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Initial price: | $18.38
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Protection price: | $15.623, 85% of $18.38
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Agent: | Barclays Capital
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Agent fee: | 2.75%
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