Barclays to price 13% reverse convertibles linked to Sotheby's via LaSalle

By Laura Lutz

Des Moines, Oct. 22 - Barclays Bank plc plans to price an issue of 13% reverse convertible notes due Jan. 30, 2008 linked to Sotheby's Holdings, Inc. stock, according to a term sheet.

Interest will be payable monthly.

The payout at maturity will be par unless Sotheby's stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial share price. In that case, the payout will be a number of Sotheby's shares equal to $1,000 divided by the initial share price.

The notes will price on Nov. 2 and settle on Nov. 7.

LaSalle Financial Services, Inc. will be the lead agent.

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