Published on 2/26/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 10% reverse convertibles linked to Forest Laboratories
New York, Feb. 26 - Barclays Bank plc priced $1.5 million of 10% reverse convertible notes due May 29, 2008 linked to Forest Laboratories, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Forest Laboratories stock falls below the protection price of $33.38, 80% of the initial price of $41.73, during the life of the notes and finishes below the initial price in which case the payout will be 23.963575 shares of Forest Laboratories stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Forest Laboratories, Inc. (Symbol: FRX)
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Amount: | $1.5 million
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Maturity: | May 29, 2008
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Forest Laboratories stock falls below the protection price of $33.38, 80% of the initial price, and finishes below the initial price, in which case 23.963575 shares of Forest Laboratories stock
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Initial price: | $41.73
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Protection price: | $33.38, 80% of $41.73
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Exchange ratio: | 23.963575
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Pricing date: | Feb. 25
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Settlement date: | Feb. 29
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Agent: | Barclays Capital
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Fees: | 1.375%
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