By Susanna Moon
Chicago, July 14 - Barclays Bank plc priced $1 million of 18% annualized bearish reverse convertible notes due Oct. 16, 2008 linked to the common stock of Ford Motor Co., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Ford stock rises above the protection price - 150% of the initial share price - during the life of the notes and finishes above the initial share price, in which case investors will receive a cash amount equal to par minus the share price gain.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Bearish reverse convertible notes
|
| Underlying stock: | Ford Motor Co. (Symbol: F)
|
| Amount: | $1 million
|
| Maturity: | Oct. 16, 2008
|
| Coupon: | 18%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Ford stock rises above the protection price during the life of the notes and finishes above the initial share price, par minus the share price gain; otherwise, par
|
| Initial share price: | $4.86
|
| Protection price: | $7.29, or 150% of initial price
|
| Pricing date: | July 11
|
| Settlement date: | July 16
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.25%
|
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