Barclays to price 7.3% reverse convertibles linked to SPDR Trust

By Angela McDaniels

Tacoma, Wash., Aug. 20 - Barclays Bank plc plans to price reverse convertible notes due Feb. 27, 2009 linked to the SPDR Trust, Series 1, according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 3.65% for an annualized coupon of 7.3%. Interest will be payable monthly.

The payout at maturity will be par unless shares of the trust fall below the protection level - 80% of the initial share price - during the life of the notes and the final share price is less than the initial share price, in which case investors will receive a number of shares of the trust equal to $1,000 divided by the initial share price.

The notes are expected to price on Aug. 26 and settle on Aug. 29.

Barclays Capital Inc. will be the agent.

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