Barclays plans 17% Callable One Observation Reverse Convertibles linked to Deere

By Angela McDaniels

Tacoma, Wash., Jan. 20 - Barclays Bank plc plans to price Callable One Observation Reverse Convertible Notes due July 30, 2009 linked to the common stock of Deere & Co., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 8.5% for an annualized coupon of 17%. Interest will be payable monthly.

If Deere stock closes at or above the initial share price on April 27, 2009, then the notes will be automatically called at par.

If the notes are not called, then the payout at maturity will be par unless the stock closes below the protection price - 60% of the initial price - on July 27, 2009, in which case investors will receive a number of Deere shares equal to $1,000 divided by the initial price or, at Barclays' option, par minus the share price decline.

The notes will price Jan. 27 and settle Jan. 30.

Barclays Capital Inc. is the agent.

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