New York, Oct. 13 - Barclays Bank plc priced $1 million of 11% callable reverse convertible notes due April 14, 2010 linked to the common stock of Monsanto Co., according to a 424B3 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Monsanto stock closes at or above its initial share price on Jan. 11, 2010, the notes will be automatically called on Jan. 14, 2010 at par.
If the notes are not called, the payout at maturity will be par unless Monsanto stock closes below the protection price - 75% of the initial price - during the life of the notes and finishes below the initial price. In that case, the payout will be a number of Monsanto shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the share price decline in cash.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Monsanto Co. (Symbol: MON)
|
| Amount: | $1 million
|
| Maturity: | April 14, 2010
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Monsanto stock falls below protection price during life of notes and finishes below initial price, 13.197836 Monsanto shares or par minus the share price decline; otherwise, par
|
| Call: | Automatically at par on Jan. 14, 2010 if Monsanto stock closes at or above initial share price on Jan. 11, 2010
|
| Initial share price: | $75.77
|
| Protection price: | $56.83, 75% of initial price
|
| Pricing date: | Oct. 9
|
| Settlement date: | Oct. 15
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.70%
|
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