Published on 2/27/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $2 million 15.25% reverse convertibles linked to SIRF Technology
By E. Janene Geiss
Philadelphia, Feb. 27 - Barclays Bank plc priced $2 million of 15.25% reverse convertible notes due Aug. 28, 2007 linked to SIRF Technology Holdings, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par in cash if SIRF Technology stock stays at or above the protection price, 70% of the initial price of $32.83, during the life of the notes and finishes at or above the initial share price. Otherwise, the payout will be in SIRF Technology stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Barclays Bank plc
|
Issue: | Reverse convertible notes
|
Underlying stock: | SIRF Technology Holdings, Inc.
|
Amount: | $2 million
|
Maturity: | Aug. 28, 2007
|
Coupon: | 15.25%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash if SIRF Technology stock stays at or above the protection price of $22.98 during the life of the notes and finishes at or above the initial share price; otherwise 30.4599 shares of SIRF Technology stock
|
Initial share price: | $32.83
|
Protection price: | $22.98, 70% of $32.83
|
Pricing date: | Feb. 23
|
Settlement date: | Feb. 28
|
Agent: | Barclays Capital
|
Agent fee: | 1.5%
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.