Published on 12/16/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $0.5 million 18.65% reverse convertibles linked to iShares MSCI Emerging Markets
New York, Dec. 16 - Barclays Bank plc priced $0.5 million of 18.65% reverse convertible notes due March 17, 2009 linked to iShares MSCI Emerging Markets Index Fund shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless iShares MSCI Emerging Markets shares fall below the protection price of $13.62, 55% of the initial price of $24.761, during the life of the notes and finish below the initial price in which case the payout will be 40.386091 shares of iShares MSCI Emerging Markets stock.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | iShares MSCI Emerging Markets Index Fund (Symbol: EEM)
|
| Amount: | $0.5 million
|
| Maturity: | March 17, 2009
|
| Coupon: | 18.65%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless iShares MSCI Emerging Markets shares fall below the protection price of $13.62, 55% of the initial price, and finish below the initial price, in which case 40.386091 shares of iShares MSCI Emerging Markets | stock
|
| Initial price: | $24.761
|
| Protection price: | $13.62, 55% of $24.761
|
| Exchange ratio: | 40.386091
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 17
|
| Agent: | Barclays Capital
|
| Fees: | 1.375%
|
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