New Issue: Barclays prices $2.5 million 10% reverse convertibles linked to SPDR Trust

By E. Janene Geiss

Philadelphia, July 22 - Barclays Bank plc priced $2.5 million of 10% reverse convertible notes due Oct. 22, 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 $107.08, 85% of the initial price of $125.98, during the life of the notes and finish below the initial price, in which case the payout will be 7.937768 shares of SPDR Trust stock.

Barclays Capital is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	SPDR Trust, series 1 (Symbol: SPY)
Amount:	$2.5 million
Maturity:	Oct. 22, 2008
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless SPDR Trust shares fall below the protection price of $107.08, 85% of the initial price, and finish below the initial price, in which case 7.937768 shares of SPDR Trust stock
Initial price:	$125.98
Protection price:	$107.08, 85% of $125.98
Exchange ratio:	7.937768
Pricing date:	July 18
Settlement date:	July 23
Agent:	Barclays Capital
Fees:	1.05%

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