By Angela McDaniels
Tacoma, Wash., Aug. 26 - Barclays Bank plc priced $1.4 million of 10% callable reverse convertible notes due Aug. 29, 2012 linked to the common stock of Oracle Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if the closing share price is greater than or equal to the initial share price on any of the three call valuation dates, which fall on the fourth trading day prior to Nov. 29, Feb. 29 and May 29, 2012.
If the notes are not called, the payout at maturity will be par in cash unless Oracle shares fall below 68% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Oracle shares equal to $1,000 divided by the initial price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Oracle Corp. (Symbol: ORCL)
|
| Amount: | $1.4 million
|
| Maturity: | Aug. 29, 2012
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless shares fall below protection price during life of the notes and finish below initial price, in which case 37.48126 shares of Oracle stock
|
| Call: | Automatically at par if closing share price is greater than or equal to initial share price on fourth trading day prior to Nov. 29, Feb. 29 or May 29, 2012
|
| Initial price: | $26.68
|
| Protection price: | $18.14, or 68% of initial price
|
| Pricing date: | Aug. 24
|
| Settlement date: | Aug. 29
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.75%
|
| Cusip: | 06741JMN6
|
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