By Jennifer Chiou
New York, March 12 - Barclays Bank plc priced $1 million of 13.75% annualized One Look Callable Reverse Convertible Notes due Sept. 16, 2010 linked to the common stock of SanDisk 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 SanDisk stock closes at or above the initial share price on May 11, 2010 or July 12, 2010.
If the notes are not called, the payout at maturity will be par unless the stock closes below the protection price - 75% of the initial price - on Sept. 13, 2010, in which case investors will receive a number of SanDisk shares equal to $1,000 divided by the initial price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | One Look Callable Reverse Convertible Notes
|
| Underlying stock: | SanDisk Corp. (Symbol: SNDK)
|
| Amount: | $1 million
|
| Maturity: | Sept. 16, 2010
|
| Coupon: | 13.75%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If SanDisk stock closes below the protection price on Sept. 13, 2010, a number of SanDisk shares equal to $1,000 divided by the initial price; otherwise, par
|
| Call: | Automatically at par if SanDisk stock closes at or above the initial share price on valuation dates
|
| Initial share price: | $34.21
|
| Knock-in price: | 75% of initial price
|
| Pricing date: | March 11
|
| Settlement date: | March 16
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.25%
|
| Cusip: | 06740JZX1
|
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