New Issue: Barclays prices $1.5 million 13.5% callable reverse convertibles linked to Goodyear

By Jennifer Chiou

New York, Jan. 13 - Barclays Bank plc priced $1.5 million of 13.5% annualized callable reverse convertible notes due July 15, 2010 linked to Goodyear Tire & Rubber Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par if Goodyear stock closes at or above its initial share price on April 12, 2010.

If the notes are not called, the payout at maturity will be par in cash unless Goodyear shares fall below the protection price of $10.84, 70% of the initial price of $15.49, during the life of the notes and finish below the initial price, in which case the payout will be a number of Goodyear shares equal to $1,000 principal amount divided by the initial price.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable reverse convertible notes
Underlying stock:	Goodyear Tire & Rubber Co. (Symbol: GT)
Amount:	$1.5 million
Maturity:	July 15, 2010
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Goodyear shares fall below the protection price of $10.84, 70% of the initial price, and finish below the initial price, in which case Goodyear shares equal to $1,000 principal amount divided by the initial price
Call:	At par if Goodyear stock closes at or above its initial share price on April 12, 2010
Initial price:	$15.49
Protection price:	$10.84, 70% of $15.49
Pricing date:	Jan. 12
Settlement date:	Jan. 15
Agent:	Barclays Capital Inc.
Fees:	2.5%
Cusip:	06740JQQ6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.