Published on 5/30/2006 in the Prospect News Convertibles Daily.
New Issue: Barclays sells $1 million 10% reverse convertibles linked to Knight Capital
By Jennifer Chiou
New York, May 30 - Barclays Bank plc priced $1 million of 10% reverse convertible notes due May 31, 2007 linked to Knight Capital Group Inc. stock, according to an FWP filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if Knight Capital stock stays at or above the protection price of $12.43, 80% of the initial price, between May 25, 2006 and May 25, 2007 or finishes at or above the $15.54 initial price. Otherwise, the payout will be in Knight Capital 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: | Knight Capital Group Inc.
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Amount: | $1 million
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Maturity: | May 31, 2007
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if Knight Capital stock stays at or above the protection price during the life of the notes or finishes at or above the initial price; otherwise $1,000 divided by $15.54 shares of Knight Capital stock
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Initial share price: | $15.54
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Protection price: | $12.43, 80% of initial share price
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Pricing date: | May 25
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Settlement date: | May 31
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Calculation agent: | Barclays Capital
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