By Angela McDaniels
Tacoma, Wash., Nov. 26 - Barclays Bank plc priced $3 million of 10.25% annualized buffered reverse convertible notes due May 28, 2009 linked to the common stock of Target Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than 75% of the initial price, in which case the payout will be $250 in cash plus a number of Target shares equal to $1,000 divided by the initial share price. At its option, Barclays can pay an equivalent amount of cash in lieu of the shares.
Barclays Capital Inc. is the agent.
Issuer: | Barclays Bank plc
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Issue: | Buffered reverse convertible notes
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Underlying stock: | Target Corp. (Symbol: TGT)
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Amount: | $3 million
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Maturity: | May 28, 2009
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Coupon: | 10.25%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than protection price, 32.85151 Target shares plus $250 in cash; otherwise, par
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Initial share price: | $30.44
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Protection price: | $22.83, 75% of initial price
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Pricing date: | Nov. 24
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Settlement date: | Nov. 28
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Agent: | Barclays Capital Inc.
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Fees: | 1.5%
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