Published on 7/23/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2 million 19.75% reverse convertibles linked to Energy Conversion
New York, July 23 - Barclays Bank plc priced $2 million of 19.75% reverse convertible notes due Jan. 24, 2008 linked to Energy Conversion Devices, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Energy Conversion stock falls below the protection price of $23.09, 80% of the initial price of $28.86, during the life of the notes and finishes below the initial price in which case the payout will be 34.650035 shares of Energy Conversion stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Energy Conversion Devices, Inc.
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Amount: | $2 million
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Maturity: | Jan. 24, 2008
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Coupon: | 19.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Energy Conversion stock falls below the protection price of $23.09, 80% of the initial price, and finishes below the initial price, in which case 34.650035 shares of Energy Conversion stock.
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Initial price: | $28.86
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Protection price: | $23.09, 80% of $28.86
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Exchange ratio: | 34.650035
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Pricing date: | July 20
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Settlement date: | July 25
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Agent: | Barclays Capital
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Agent fee: | 2.25%
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