Published on 5/29/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $6.5 million 8.25% reverse convertibles linked to General Electric
New York, May 29 - Barclays Bank plc priced $6.5 million of 8.25% reverse convertible notes due Nov. 28, 2008 linked to General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless General Electric shares fall below the protection price of $25.84, 85% of the initial price of $30.40, during the life of the notes and finishes below the initial price in which case the payout will be 32.894737 shares of General Electric stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | General Electric Co. (Symbol: GE)
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Amount: | $6.5 million
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Maturity: | Nov. 28, 2008
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Coupon: | 8.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless General Electric stock falls below the protection price of $25.84, 85% of the initial price, and finishes below the initial price, in which case 32.894737 shares of General Electric stock
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Initial price: | $30.40
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Protection price: | $25.84, 85% of $30.40
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Exchange ratio: | 32.894737
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Pricing date: | May 27
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Settlement date: | May 30
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Agent: | Barclays Capital
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Fees: | 1.625%
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