Published on 6/12/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 8.75% reverse convertibles linked to SPDR Trust
New York, June 12 - Barclays Bank plc priced $1.5 million of 8.75% reverse convertible notes due Sept. 16, 2008 linked to SPDR Trust, Series 1 shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless SPDR Trust shares fall below the protection price of $113.85, 85% of the initial price of $133.94, during the life of the notes and finishes below the initial price in which case the payout will be 7.46603 shares of SPDR Trust stock.
Barclays Capital is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | SPDR Trust, Series 1 (Symbol: SPY)
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Amount: | $1.5 million
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Maturity: | Sept. 16, 2008
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Coupon: | 8.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless SPDR Trust stock falls below the protection price of $113.85, 85% of the initial price, and finishes below the initial price, in which case 7.46603 shares of SPDR Trust stock
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Initial price: | $133.94
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Protection price: | $113.85, 85% of $133.94
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Exchange ratio: | 7.46603
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Pricing date: | June 11
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Settlement date: | June 16
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Agent: | Barclays Capital
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Fees: | 1%
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