Barclays plans 16% Callable One Observation Reverse Convertibles linked to GE

By Susanna Moon

Chicago, March 17 - Barclays Bank plc plans to price 16% annualized Callable One Observation Reverse Convertible Notes due Sept. 30, 2009 linked to the common stock of General Electric Co., according to an FWP filing with the Securities and Exchange Commission.

Interest is payable monthly.

If GE stock closes at or above the initial share price on June 25, the notes will be automatically called at par.

If the notes are not called, the payout at maturity will be par unless the stock closes below the protection price of 60% of the initial price, in which case investors will receive a number of GE shares equal to $1,000 divided by the initial price or, at Barclays' option, par minus the share price decline.

The notes will price on March 26 and settle on March 31.

Barclays Capital Inc. is the agent.

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