By Angela McDaniels
Tacoma, Wash., Dec. 15 - Barclays Bank plc priced $1 million of reverse convertible notes due March 17, 2009 linked to the common stock of Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The three-month notes will pay 2.5% for an annualized coupon of 10%. Interest is payable monthly.
The payout at maturity will be par unless Exxon Mobil stock falls below the protection level - 65% of the initial share price - during the life of the notes and the final share price is less than the initial price, in which case the payout will be a number of Exxon Mobil shares equal to $1,000 divided by the initial price or, at Barclay's option, the value of those shares in cash.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Exxon Mobil Corp. (Symbol: XOM)
|
| Amount: | $1 million
|
| Maturity: | March 17, 2009
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Exxon Mobil stock falls below protection level during life of notes and finishes below initial price, 12.430081 Exxon Mobil shares or equivalent in cash; otherwise, par
|
| Initial share price: | $80.45
|
| Protection level: | $52.29, 65% of initial price
|
| Pricing date: | Dec. 12
|
| Settlement date: | Dec. 17
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.375%
|
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