By Laura Lutz
Des Moines, March 4 - Barclays Bank plc priced $2 million of 10.25% reverse convertible notes due March 4, 2009 linked to Target Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Target stock closes below 65% of its initial share price during the life of the notes and finishes below its initial share price, the payout at maturity will be a number of Target shares equal to par divided by the initial share price.
Otherwise, the payout will be par.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Target Corp. (Symbol: TGT)
|
| Amount: | $2 million
|
| Maturity: | March 4, 2009
|
| Coupon: | 10.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Target stock closes below 65% of initial share price during life of notes and finishes below initial share price, Target shares equal to par divided by initial share price; otherwise, par
|
| Initial share price: | $52.61
|
| Protection price: | 65% of initial share price
|
| Pricing date: | Feb. 29
|
| Settlement date: | March 5
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.75%
|
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