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Barclays to price 17.5% reverse convertibles linked to Tesoro
By Jennifer Chiou
New York, May 30 - Barclays Bank plc plans to price 17.5% annualized reverse convertible notes due Dec. 10, 2008 linked to the common stock of Tesoro Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Tesoro 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 Tesoro 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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