By E. Janene Geiss
Philadelphia, Nov. 12 - Barclays Bank plc priced $1.5 million of 11% callable reverse convertible notes due May 11, 2010 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Apple stock closes at or above its initial share price on Feb. 8, 2010, the notes will be automatically redeemed three days later at par.
If the notes are not called, the payout at maturity will be par unless Apple stock closes below the protection price - 75% of the initial price - during the life of the notes and finishes below the initial price. In that case, the payout will be a number of Apple shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the share price decline in cash.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
|
| Amount: | $1.5 million
|
| Maturity: | May 11, 2010
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Apple stock falls below protection price during life of notes and finishes below initial price, 5.145621 Apple shares or par minus the share price decline; otherwise, par
|
| Call: | Automatically at par on Feb. 11, 2010 if Apple stock closes at or above initial share price on Feb. 8, 2010
|
| Initial share price: | $194.34
|
| Protection price: | $145.76, 75% of initial price
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 12
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2%
|
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