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Barclays to price 10% reverse convertibles linked to Sotheby's
By Jennifer Chiou
New York, June 4 - Barclays Bank plc plans to price 10% reverse convertible notes due June 25, 2008 linked to Sotheby's Holdings, Inc. common stock, according to an FWP filing with the Securities and Exchange Commission.
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 which 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 June 22 and settle on June 27.
Barclays Capital will be the agent.
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