Barclays to price 8.15% reverse convertibles linked to SPDR Trust

By Angela McDaniels

Tacoma, Wash., June 18 - Barclays Bank plc plans to price reverse convertible notes due Dec. 24, 2008 linked to the SPDR Trust, series 1, according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 4.075% for an annualized coupon of 8.15%. Interest will be payable monthly.

The payout at maturity will be par unless the exchange-traded fund's shares fall below the protection level - 85% of the initial share price - during the life of the notes and finish below the initial share price, in which case the payout will be a number of shares of the ETF equal to par divided by the initial share price or, at Barclays' option, the equivalent value in cash.

The notes are expected to price on June 20 and settle on June 25.

Barclays Capital Inc. will be the agent.

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