By Angela McDaniels
Tacoma, Wash., Jan. 21 - Barclays Bank plc priced $2 million callable reverse convertible notes due July 22, 2009 linked to the common stock of Procter & Gamble Co., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes pay 5% for an annualized coupon of 10%. Interest is payable monthly.
The notes will be automatically called at par if Procter & Gamble shares close at or above the initial share price on April 17, 2009.
If the notes are not called, then the payout at maturity will be par unless Procter & Gamble shares fall by more than 25% during the life of the notes and finish below the initial price, in which case investors will receive a number of Procter & Gamble shares equal to $1,000 divided by the initial price or, at Barclays' option, par minus the share price decline.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Procter & Gamble Co. (Symbol: PG)
|
| Amount: | $2 million
|
| Maturity: | July 22, 2009
|
| Coupon: | 10%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Procter & Gamble stock closes below the protection price during the life of the notes and finishes below the initial price, 17.322016 Procter & Gamble shares or par minus the share price decline; otherwise, par
|
| Call: | Automatically at par if Procter & Gamble shares close at or above the initial share price on April 17, 2009
|
| Initial share price: | $57.73
|
| Protection price: | $43.30, 75% of initial price
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 22
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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