Published on 6/9/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $4.57 million annual review notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, June 9 - Barclays Bank Delaware priced $4.57 million of 0% annual review notes due June 27, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at increasing premiums if the index level is at or above a call level on any of three annual review dates.
The call level will be 90% of the initial index level on the first review date. The call level will be equal to the initial level on the second review date and the last review date.
The redemption amount will be par plus a call premium of 9.9% if called on June 22, 2009, par plus 19.8% if called on June 22, 2010 and par plus 29.7% if called on June 22, 2011.
If the notes are not called, the payout at maturity will be par if the index falls by up to 10% of the initial level. Beyond a 10% drop, investors will lose 1.1111% for each 1% decline.
JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc. are the agents.
| Issuer: | Barclays Bank plc
|
| Issue: | Annual review notes
|
| Underlying index: | S&P 500
|
| Amount: | $4,568,000
|
| Maturity: | June 27, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | Automatically called if index level is at or above call level on an annual review date; payout will be par plus 9.9% if called on June 22, 2009, par plus 19.8% if called on June 22, 2010 and par plus 29.7% if called on June 22, 2011
|
| Call level: | 90% of initial level on June 22, 2009; 100% of initial level on June 22, 2010 and June 22, 2011
|
| Payout at maturity: | Par unless index falls by more than 10%, in which case investors will lose 1.1111% for every 1% index decline beyond 10%
|
| Initial index level: | 1,360.68
|
| Pricing date: | June 6
|
| Settlement date: | June 11
|
| Agents: | JPMorgan Chase Bank, NA; J.P. Morgan Securities Inc.
|
| Fees: | 2%
|
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