By Angela McDaniels
Tacoma, Wash., March 30 - Barclays Bank plc priced $3 million of buffered reverse convertible notes due Sept. 30, 2009 linked to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry an annualized coupon of 13%. Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than 70% of the initial price, in which case the payout will be $300 in cash plus a number of Wells Fargo shares equal to $1,000 divided by the initial share price. At its option, Barclays can pay an equivalent amount of cash instead of the shares.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Buffered reverse convertible notes
|
| Underlying stock: | Wells Fargo & Co. (Symbol: WFC)
|
| Amount: | $3 million
|
| Maturity: | Sept. 30, 2009
|
| Coupon: | 13%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final share price is less than protection price, 62.695925 Wells Fargo shares plus $300 in cash; otherwise, par
|
| Initial stock price: | $15.95
|
| Protection price: | $11.17, 70% of initial price
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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