By Angela McDaniels
Tacoma, Wash., April 28 - Barclays Bank plc priced $2.35 million of 12% single observation callable reverse convertible notes due April 27, 2012 linked to the common stock of Silver Wheaton Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Silver Wheaton stock closes at or above the initial share price on July 25, Oct. 25 or Jan. 24, 2012.
If the notes are not called and the final share price is at least 65% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be a number of Silver Wheaton shares equal to $1,000 divided by the initial share price or, at Barclays' option, a cash amount equal to the value of those shares.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Single observation callable reverse convertible notes
|
| Underlying stock: | Silver Wheaton Corp. (Symbol: SLW)
|
| Amount: | $2.35 million
|
| Maturity: | April 27, 2012
|
| Coupon: | 12%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price is greater than or equal to protection price, par; otherwise, 25.52974 Silver Wheaton shares
|
| Call: | Automatically at par if Silver Wheaton stock closes at or above initial share price on July 25, Oct. 25 or Jan. 24, 2012
|
| Initial share price: | $39.17
|
| Protection price: | $25.4605, 65% of initial share price
|
| Pricing date: | April 26
|
| Settlement date: | April 29
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.75%
|
| Cusip: | 06741JGN3
|
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