Published on 8/20/2008 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $1.5 million 9.25% reverse convertibles linked to PowerShares QQQ Trust
New York, Aug. 20 - Barclays Bank plc priced $1.5 million of 9.25% reverse convertible notes due Nov. 24, 2008 linked to PowerShares QQQ Trust, Series 1 shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless PowerShares QQQ Trust shares fall below the protection price of $39.96, 85% of the initial price of $47.01, during the life of the notes and finish below the initial price in which case the payout will be PowerShares QQQ Trust shares equal to $1,000 principal amount divided by the initial price.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | PowerShares QQQ Trust, Series 1 (Symbol: QQQQ)
|
| Amount: | $1.5 million
|
| Maturity: | Nov. 24, 2008
|
| Coupon: | 9.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless PowerShares QQQ Trust shares fall below the protection price of $39.96, 85% of the initial price, and finish below the initial price, in which case PowerShares QQQ Trust shares equal to $1,000 principal amount divided by the initial price
|
| Initial price: | $47.01
|
| Protection price: | $39.96
|
| Pricing date: | Aug. 19
|
| Settlement date: | Aug. 22
|
| Agent: | Barclays Capital
|
| Fees: | 1.25%
|
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