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Published on 5/15/2009 in the Prospect News Structured Products Daily.

Barclays plans 11% Callable One Observation reverse convertibles on GE

By Jennifer Chiou

New York, May 15 - Barclays Bank plc plans to price 11% annualized Callable One Observation Reverse Convertible Notes due Nov. 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 General Electric stock closes at or above the initial share price on Aug. 26, 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 - 70% of the initial price - on Nov. 24, 2009, in which case investors will receive a number of General Electric shares equal to $1,000 divided by the initial price or, at Barclays' option, par minus the share price decline.

The notes are expected to price on May 26 and settle on May 29.

Barclays Capital Inc. is the agent.


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