A story in the March 30 issue of Prospect News Structured Products Daily incorrectly reported the payout at maturity for Barclays Bank plc's $3 million 16% notes due Sept. 30, 2009 linked to General Electric Co. common stock and did not include information about the notes' call option. A corrected version follows:
New York, March 27 - Barclays Bank plc priced $3 million of Callable One Observation Reverse Convertible Notes due Sept. 30, 2009 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry an annualized coupon of 16%. Interest is payable monthly.
If GE stock closes at or above the initial share price on June 25, 2009, 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 - 60% of the initial price - on Sept. 25, 2009, 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.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable One Observation Reverse Convertible Notes
|
| Underlying stock: | General Electric Co. (Symbol: GE)
|
| Amount: | $3 million
|
| Maturity: | Sept. 30, 2009
|
| Coupon: | 16%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If GE stock closes below the protection price on Sept. 25, 2009, 91.743119 GE shares or par minus the share price decline; otherwise, par
|
| Call: | Automatically at par if GE stock closes at or above the initial share price on June 25, 2009
|
| Initial share price: | $10.90
|
| Knock-in price: | $6.54, 60% of initial price
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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