By Jennifer Chiou
New York, Aug. 28 - Barclays Bank plc priced $1 million of upside participation reverse convertible notes due Nov. 30, 2009 linked to Gulfmark Offshore, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus 1.5 times any gain in Gulfmark Offshore shares, up to the maximum leveraged percentage of 4.05%.
Investors will receive par if the index falls by up to 20% and will be exposed to losses beyond 20%.
Investors also will receive a supplemental amount of 2% at maturity.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Upside participation reverse convertible notes
|
| Underlying stock: | Gulfmark Offshore, Inc. (Symbol: GLF)
|
| Amount: | $1 million
|
| Maturity: | Nov. 30, 2009
|
| Coupon: | 2%, payable at maturity
|
| Price: | Par
|
| Payout at maturity: | Par plus 1.5 times any gain in Gulfmark Offshore shares, capped at 4.05%; par if index falls by up to 20% and with exposures to losses beyond 20%, plus 2%
|
| Initial price: | $30.49
|
| Protection price: | 80% of initial price
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 31
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.5%
|
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