Published on 2/17/2009 in the Prospect News Structured Products Daily.
New Issue: Barclays prices $3.93 million semiannual review notes linked to S&P 500 via JPMorgan
By Susanna Moon
Chicago, Feb. 17 - Barclays Bank plc priced $3.93 million of 0% semiannual review notes due March 1, 2011 linked to the S&P index via agents JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at increasing premiums if the index is above its call level on any of four annual review dates.
The notes will be called if the index is at least 80% of the initial level on the first review date, 90% of the initial level on the second review date and 100% of the initial level on the third and final review dates.
For each $1,000 principal amount, the redemption amount will be 5.85% if called on Aug. 13, 2009, 11.7% if called on Feb. 26, 2010, 17.55% if called on Aug. 26, 2010 and 23.4% if called on Feb. 24, 2011.
If the notes are not called, investors will receive par unless the index falls by more than 10%, in which case they will lose 1.1111% for every 1% decline beyond 10%.
| Issuer: | Barclays Bank plc
|
| Issue: | Semiannual review notes
|
| Underlying index: | S&P 500
|
| Amount: | $3,926,000
|
| Maturity: | March 1, 2011
|
| Coupon: | 0%
|
| Price: | Par
|
| Call: | Automatically called at increasing premiums if the index is above its call level on any of four annual review dates; redemption amount will be 5.85% if called on Aug. 13, 2009, 11.7% if called on Feb. 26, 2010, 17.55% if called on Aug. 26, 2010 and 23.4% if called on Feb. 24, 2011
|
| Payout at maturity: | If the notes are not called, investors will receive par unless index fall by more than 10%; investors will lose 1.1111% for every 1% decline beyond 10%
|
| Initial index level: | 826.84
|
| Pricing date: | Feb. 13
|
| Settlement date: | Feb. 19
|
| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities Inc.
|
| Fees: | 1.5%
|
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