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Barclays plans issue of 17% reverse convertibles linked to GM
By Angela McDaniels
Seattle, Aug. 17 - Barclays Bank plc plans to price an issue of 17% reverse convertible notes due Aug. 31, 2007 linked to General Motors Corp. stock, according to an FWP filing with the Securities and Exchange Commission.
The settlement date will be Aug. 31.
Interest will be payable monthly.
At maturity, investors will receive par unless General Motors stock finishes below the initial price and falls below the protection price, 60% of the initial share price, between Aug. 28, 2006 and Aug. 28, 2007, in which case the payout will be a number of General Motors shares equal to $1,000 divided by the initial share price.
Barclays Capital Inc. will be the agent.
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