Published on 9/28/2007 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.86 million relative performance securities linked to S&P, Russell via UBS
By E. Janene Geiss
Philadelphia, Sept. 28 - Barclays Bank plc priced a $1,864,700 issue of 0% relative performance securities due Sept. 30, 2008 linked to a long position in the S&P 500 index and a short position in the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
UBS Financial Services Inc. and Barclays Capital are the underwriters.
If the long index outperforms the short index, the payout at maturity will be par plus 155% of the amount of outperformance. If the long index underperforms the short index, investors are fully exposed to the amount of underperformance. If the indexes perform equally, payout will be par.
Issuer: | Barclays Bank plc
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Issue: | Relative performance securities
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Underlying indexes: | Long position in the S&P 500 index; short position in the Russell 2000 index
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Amount: | $1,864,700
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Maturity: | Sept. 30, 2008
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Coupon: | 0%
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Price: | Par of $10.00
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Payout at maturity: | Par plus 155% of the outperformance if the long index outperforms the short index; full exposure to underperformance if long index underperforms short index; par if indexes perform equally
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Initial index levels: | 1,525.75 for S&P 500; 813.11 for Russell 2000
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Pricing date: | Sept. 25
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Settlement date: | Sept. 28
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Underwriters: | UBS Financial Services Inc., Barclays Capital
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Fees: | 1.25%
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