Published on 4/1/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays sells $3 million of 13.35% reverse convertibles linked to SPDRs
By Laura Lutz
Des Moines, April 1 - Barclays Bank plc priced $3 million of 13.35% reverse convertible notes due Oct. 1, 2008 linked to shares of the SPDR Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
If the shares close below 85% of their initial price during the life of the notes and finish below their initial price, the payout will be a number of shares equal to par divided by the initial price.
Otherwise, the payout will be par.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying shares: | SPDR Trust, Series 1 (Symbol: SPY)
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Amount: | $3 million
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Maturity: | Oct. 1, 2008
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Coupon: | 13.35%, payable monthly
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Price: | Par
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Payout at maturity: | If shares close below 85% of initial price during life of notes and finish below initial price, shares equal to par divided by initial price; otherwise, par
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Initial price: | $131.51
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Protection price: | $111.78, 85% of initial price
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Pricing date: | March 28
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Settlement date: | April 2
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Agent: | Barclays Capital Inc.
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Fees: | 1%
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