By E. Janene Geiss
Philadelphia, May 28 - Barclays Bank plc priced a $1 million issue of annual autocallable notes due May 31, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be automatically called at par plus a call premium if the index closes at or above its initial level on either of two call valuation dates.
Investors will receive pay par plus 9.25% if the notes are called on May 25, 2010 and par plus 18.5% if the notes are called on May 25, 2011.
The exact call premiums will be set at pricing.
If the notes are not called, the payout at maturity will be par if the index falls by up to 50%. For larger declines, investors will be exposed to losses.
If the notes are not called and the final index level is greater than the initial level, investors will receive par plus the index return with a minimum payout of par plus an upside percentage of 27.75%.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Annual autocallable notes
|
| Underlying index: | S&P 500
|
| Amount: | $1 million
|
| Maturity: | May 31, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Investors will receive par if the notes are not called and the index falls by up to 50%; full exposure to any losses if the notes are not called and the index falls beyond 50%; par plus the index return if the final index level increases over the initial level, with a minimum payout of par plus an upside percentage of 27.75%
|
| Initial index level: | 910.33
|
| Call: | On May 25, 2010 with a payout of par plus 9.25%, on May 25, 2011 with a payout of par plus 18.5%
|
| Pricing date: | May 26
|
| Settlement date: | May 29
|
| Agents: | Barclays Capital
|
| Fees: | 3%
|
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