By Laura Lutz
Des Moines, April 30 - Barclays Bank plc priced $3 million of 9.25% reverse convertible notes due Oct. 29, 2008 linked to shares of the iShares Russell 2000 index fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If the shares close below 80% of their initial price during the life of the notes and finish below their initial price, the payout at maturity will be a number of shares equal to par divided by the initial price.
Otherwise, the payout will be par.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying shares: | iShares Russell 2000 index fund (Symbol: IWM)
|
| Amount: | $3 million
|
| Maturity: | Oct. 29, 2008
|
| Coupon: | 9.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If shares close below 80% of initial price during life of notes and finish below initial price, shares equal to par divided by initial price; otherwise, par
|
| Initial price: | $71.87
|
| Protection price: | 80% of initial price
|
| Pricing date: | April 25
|
| Settlement date: | April 30
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.25%
|
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