Published on 7/24/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $2.5 million 10.05% reverse convertibles linked to UnitedHealth Group
New York, July 24 - Barclays Bank plc priced $2.5 million of 10.05% reverse convertible notes due Jan. 25, 2008 linked to UnitedHealth Group Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless UnitedHealth Group stock falls below the protection price of $40.94, 80% of the initial price of $51.17, during the life of the notes and finishes below the initial price in which case the payout will be 19.542701 shares of UnitedHealth Group stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | UnitedHealth Group Inc.
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Amount: | $2.5 million
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Maturity: | Jan. 25, 2008
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Coupon: | 10.05%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless UnitedHealth Group stock falls below the protection price of $40.94, 80% of the initial price, and finishes below the initial price, in which case 19.542701 shares of UnitedHealth Group stock.
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Initial price: | $51.17
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Protection price: | $40.94, 80% of $51.17
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Exchange ratio: | 19.542701
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Pricing date: | July 23
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Settlement date: | July 25
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Agent: | Barclays Capital
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Agent fee: | 1.25%
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