By Susanna Moon
Chicago, May 12 - Barclays Bank plc priced $1.5 million of 10% reverse convertible notes due Aug. 13, 2008 linked to shares of the PowerShares QQQ Trust, Series 1, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If the shares close below 88% 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: | PowerShares QQQ Trust, Series 1 (Symbol: QQQQ)
|
| Amount: | $1.5 million
|
| Maturity: | Aug. 13, 2008
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If shares close below protection price during life of notes and finish below initial price, shares equal to par divided by initial price; otherwise, par
|
| Initial price: | $48.21
|
| Protection price: | $42.42, or 88% of initial price
|
| Pricing date: | May 9
|
| Settlement date: | May 14
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.75%
|
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