Barclays to price 14% Callable One Observation reverse convertibles linked to General Electric

By E. Janene Geiss

Philadelphia, April 16 - Barclays Bank plc plans to price Callable One Observation Reverse Convertible Notes due Oct. 30, 2009 linked to the common stock of General Electric Co., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes carry an annualized coupon of 14%. Interest is payable monthly.

If General Electric stock closes at or above the initial share price on July 27, 2009, the notes will be automatically called at par.

If the notes are not called, the payout at maturity will be par unless the stock closes below the protection price - 60% of the initial price - on Oct. 27, 2009, in which case investors will receive a number of General Electric shares equal to $1,000 divided by the initial price or, at Barclays' option, par minus the share price decline.

The notes are expected to price April 27 and settle April 30.

Barclays Capital Inc. is the agent.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.