Barclays to price 12% reverse convertibles linked to KBW Bank ETF

By Laura Lutz

Des Moines, April 11 - Barclays Bank plc plans to price 12% reverse convertible notes due July 17, 2008 linked to shares of the KBW Bank ETF, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If the shares fall below the knock-in price - 75% of the initial price - during the life of the notes and finish below the initial price, the payout at maturity will be a number of KBW shares equal to par divided by the initial price.

Otherwise, the payout will be par.

The notes are expected to price on April 14 and settle on April 17.

Barclays Capital Inc. is the underwriter.

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