Barclays plans 11% worst-of-basket reverse convertible notes linked to three stocks

By Laura Lutz

Chicago, Oct. 19 - Barclays Bank plc plans to price 11% worst-of-basket reverse convertible notes due Oct. 24, 2008 linked to a basket of three stocks, according to an FWP filing with the Securities and the Exchange Commission.

The basket consists of the common stocks of the Boeing Co., Bank of America Corp. and Ingersoll-Rand Co. Ltd.

The payout at maturity will be par unless any component stock has traded below its protection level - 60% of its initial level - during the life of the notes and any component stock finishes below its initial level. In that case, the payout will be a number of shares of the worst-performing stock equal to par divided by the initial price of that stock.

The worst-performing stock will be the component stock with the lowest final performance.

The notes are expected to price on Oct. 19 and settle on Oct. 24.

Barclays Capital is the underwriter.

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