Barclays plans 11% callable reverse convertibles tied to Cisco Systems

By Jennifer Chiou

New York, July 10 - Barclays Bank plc plans to price 11% annualized callable reverse convertible notes due Jan. 20, 2010 linked to the common stock of Cisco Systems, Inc., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The notes will be automatically called at par on Oct. 19 if Cisco Systems shares close at or above the initial share price.

If the notes are not called, then the payout at maturity will be par unless the stock falls by 25% or more during the life of the notes and finished below the initial price, in which case investors will receive a number of Cisco Systems 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 July 14 and settle on July 17.

Barclays Capital Inc. is the agent.

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