Barclays to price 20% callable reverse convertibles linked to U.S. Oil Fund

By E. Janene Geiss

Philadelphia, Dec. 23 - Barclays Bank plc plans to price 20% callable reverse convertible notes due June 26, 2009 linked to the United States Oil Fund LP, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If the notes are not called, the payout at maturity will be par in cash unless the fund shares fall below 60% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of shares equal to $1,000 divided by the initial price.

The notes will be called if the closing price of the fund on March 26, 2009 is greater than or equal to the initial price. Investors will receive par plus accrued interest. No interest will accrue after the March 31, 2009 early redemption date.

The notes are set to price on Dec. 26 and settle on Dec. 31.

Barclays Capital Inc. is the agent.

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