Published on 8/28/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $7.24 million annual review notes linked to Nikkei 225 via JPMorgan
By Laura Lutz
Des Moines, Aug. 28 - Barclays Bank plc priced a $7.24 million issue of 0% annual review notes due Sept. 9, 2010 linked to the Nikkei 225 index via JPMorgan Chase Bank, NA and JPMorgan 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 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 Sept. 4, 2008. The call level will be equal to the initial level on Sept. 3, 2009 and Sept. 3, 2010.
The redemption amount will be par plus 14.25% if the notes are called on the first review date, par plus 28.5% if called on the second review date and par plus 42.75% if called on the last review date.
If the notes are not called, the payout at maturity will be par if the final index level is at least 90% of the initial index level. Investors will lose 1.1111% for each 1% decline in the index beyond 10%.
| Issuer: | Barclays Bank plc
|
| Issue: | Annual review notes
|
| Underlying index: | Nikkei 225 index
|
| Amount: | $7,235,000
|
| Maturity: | Sept. 9, 2010
|
| 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 14.25% if called on Sept. 4, 2008, par plus 28.5% if called on Sept. 3, 2009 and par plus 42.75% if called on Sept. 3, 2010
|
| Call level: | 90% of initial level on Sept. 4, 2008; 100% of initial level on Sept. 3, 2009 and Sept. 3, 2010
|
| Payout at maturity: | Par unless the index declines by more than 10%, in which case investors will lose 1.1111% for every 1% index decline beyond 10%
|
| Initial index level: | 16,248.97
|
| Pricing date: | Aug. 24
|
| Settlement date: | Aug. 29
|
| Agents: | JPMorgan Chase Bank, NA; J.P. Morgan Securities Inc.
|
| Fees: | 2%
|
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