Published on 3/20/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.35 million semiannual review notes linked to S&P 500 via JPMorgan
By Jennifer Chiou
New York, March 20 - Barclays Bank plc priced a $1.35 million issue of 0% semiannual review notes due March 26, 2010 linked to the S&P index via agents JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at increasing premiums if the index shows a positive return on the annual review dates. For each $1,000 principal amount, the redemption amount will be 8.15% if called on March 24, 2008, 12.225% if called on Sept. 23, 2008, 16.3% if called on March 23, 2009, 20.375% if called on Sept. 23, 2009 and 24.45% if called on March 23, 2010.
If the notes are not called, investors will receive par unless the index declines by more than 10%. Investors will lose 1.1111% of the principal amount for every 1% decline in the index beyond 10%.
| Issuer: | Barclays Bank plc
|
| Issue: | Semiannual review notes
|
| Underlying index: | S&P 500
|
| Amount: | $1.35 million
|
| Maturity: | March 26, 2010
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | Automatically called at increasing premiums if the index shows a positive return on the annual review dates; redemption amount will be 8.15% if called on March 24, 2008, 12.225% if called on Sept. 23, 2008, 16.3% if called on March 23, 2009, 20.375% if called on Sept. 23, 2009 and 24.45% if called on March 23, 2010
|
| Payout at maturity: | If the notes are not called, investors will receive par unless the index declines by more than 10%; investors will lose 1.1111% of the principal amount for every 1% decline in the index beyond 10%
|
| Pricing date: | March 16
|
| Settlement date: | March 21
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
|
| Fees: | 2%
|
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