By Angela McDaniels
Tacoma, Wash., April 23 - Barclays Bank plc priced an additional $5 million of reverse convertible notes due Sept. 30, 2009 linked to the common stock of JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The additional notes bring the issue size to $10 million. Barclays priced the initial $5 million of notes on March 26.
The six-month notes will pay 7.5% for an annualized coupon of 15%. Interest is payable monthly.
The payout at maturity will be par unless JPMorgan stock declines by more than 50% during the life of the notes and finishes below the initial price, in which case the payout will be a number of JPMorgan shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the share price decline.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | JPMorgan Chase & Co. (Symbol: JPM)
|
| Amount: | $10 million, upsized from $5 million
|
| Maturity: | Sept. 30, 2009
|
| Coupon: | 15%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If JPMorgan stock falls below protection level during life of notes and final share price is less than initial share price, 34.364261 JPMorgan shares or par minus share price decline; otherwise, par
|
| Initial share price: | $29.10
|
| Protection level: | $14.55, 50% of initial price
|
| Pricing date: | March 26 for $5 million; April 22 for another $5 million
|
| Settlement date: | March 31 for $5 million; April 23 for another $5 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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