By Angela McDaniels
Seattle, Aug. 21 - Barclays Bank plc priced $1.75 million of reverse convertible notes due Feb. 22, 2008 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 5% for an annualized rate of 10%. Interest is payable monthly.
The payout at maturity will be par unless General Electric stock falls by 20% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of General Electric shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent cash value.
Barclays Capital is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | General Electric Co. (Symbol: GE)
|
| Amount: | $1.75 million
|
| Maturity: | Feb. 22, 2008
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If General Electric stock closes below the protection level during the life of the notes and the final share price is less than the initial share price, 26.16431 General Electric shares or equivalent cash value; otherwise, par
|
| Initial share price: | $38.22
|
| Protection level: | $30.576, 80% of initial share price
|
| Pricing date: | Aug. 20
|
| Settlement date: | Aug. 23
|
| Agent: | Barclays Capital
|
| Fees: | 1.63%
|
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