Barclays to price 15% callable reverse convertibles linked to International Paper

By Jennifer Chiou

New York, Nov. 18 - Barclays Bank plc plans to price 15% annualized callable reverse convertible notes due May 24, 2010 linked to the common stock of International Paper Co., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The notes will be automatically called at par if International Paper shares close at or above the initial share price on Feb. 19, 2010.

If the notes are not called, then the payout at maturity will be par unless International Paper shares fall by 30% or more during the life of the notes and finish below the initial price, in which case investors will receive a number of International Paper shares equal to $1,000 divided by the initial price or, at Barclays' option, par minus the share price decline.

The notes are set to price on Nov. 19 and settle on Nov. 24.

Barclays Capital Inc. is the agent.

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