By Jennifer Chiou
New York, March 18 - Barclays Bank plc priced $1 million of 8.3% annualized buffered reverse convertible notes due June 19, 2009 linked to the common stock of Garmin Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than 80% of the initial price, in which case the payout will be $200 in cash plus a number of Garmin shares equal to $1,000 divided by the initial share price. At its option, Barclays can pay an equivalent amount of cash instead of the shares.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered reverse convertible notes
|
| Underlying stock: | Garmin Ltd. (Symbol: GRMN)
|
| Amount: | $1 million
|
| Maturity: | June 19, 2009
|
| Coupon: | 8.3%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price is less than protection price, 48.923679 Garmin shares plus $200 in cash; otherwise, par
|
| Initial share price: | $20.44
|
| Protection price: | $16.352, 80% of initial price
|
| Pricing date: | March 17
|
| Settlement date: | March 20
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.5%
|
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