Barclays to price 10% reverse convertibles linked to SPDR Trust

By Susanna Moon

Chicago, April 15 - Barclays Bank plc plans to price 10% annualized reverse convertible notes due July 21, 2008 linked to shares of the SPDR Trust, series 1, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If shares of the SPRD Trust fall below the knock-in price - 87.5% of the initial share price - during the life of the notes and finish below the initial share price, the payout at maturity will be a number of SPDR Trust shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

The notes are expected to price April 16 and settle April 21.

Barclays Capital Inc. is the underwriter.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.