By Angela McDaniels
Tacoma, Wash., Dec. 15 - Barclays Bank plc priced $1 million of reverse convertible notes due March 17, 2009 linked to the common stock of Deere & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 5% for an annualized coupon of 20%. Interest is payable monthly.
The payout at maturity will be par unless Deere stock falls below the protection level - 60% of the initial share price - during the life of the notes and the final share price is less than the initial price, in which case the payout will be a number of Deere shares equal to $1,000 divided by the initial price or, at Barclay's option, the value of those shares in cash.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Reverse convertible notes
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Underlying stock: | Deere & Co. (Symbol: DE)
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Amount: | $1 million
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Maturity: | March 17, 2009
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Coupon: | 20%, payable monthly
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Price: | Par
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Payout at maturity: | If Deere stock falls below protection level during life of notes and finishes below initial price, 27.12968 Deere shares or equivalent in cash; otherwise, par
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Initial share price: | $38.86
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Protection level: | $22.12, 60% of initial price
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Pricing date: | Dec. 12
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Settlement date: | Dec. 17
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Agent: | Barclays Capital Inc.
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Fees: | 1.375%
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