By Jennifer Chiou
New York, Feb. 26 - Barclays Bank plc priced $3 million of 13.25% annualized Callable One Observation Reverse Convertible Notes due Aug. 27, 2009 linked to the common stock of Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Goldman Sachs stock closes at or above the initial share price on May 22, 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 - 50% of the initial price - on Aug. 24, 2009, in which case investors will receive a number of Goldman Sachs 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 One Observation Reverse Convertible Notes
|
| Underlying stock: | Goldman Sachs Group, Inc. (Symbol: GS)
|
| Amount: | $3 million
|
| Maturity: | Aug. 27, 2009
|
| Coupon: | 13.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Goldman Sachs stock closes below the protection price on Aug. 24, 2009, 10.755001 Goldman Sachs shares or par minus the share price decline; otherwise, par
|
| Call: | Automatically at par if Goldman Sachs stock closes at or above the initial share price on May 22, 2009
|
| Initial share price: | $92.98
|
| Knock-in price: | $46.49, 50% of initial price
|
| Pricing date: | Feb. 24
|
| Settlement date: | Feb. 27
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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