Barclays to price 20% reverse convertibles linked to Suntech

By Jennifer Chiou

New York, May 30 - Barclays Bank plc plans to price 20% annualized reverse convertible notes due Dec. 10, 2008 linked to the common stock of Suntech Power Holdings Co., Ltd., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Suntech stock falls below the knock-in price - 65% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Suntech shares equal to par divided by the initial share price.

Otherwise, the payout will be par.

Pricing is expected on June 6 with settlement on June 11.

Barclays Capital Inc. is the agent.

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