By Angela McDaniels
Tacoma, Wash., July 16 - Barclays Bank plc priced $1 million of callable reverse convertible notes due Jan. 20, 2010 linked to the common stock of Cisco Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes pay 5.5% for an annualized coupon of 11%. Interest is payable monthly.
If Cisco stock closes at or above its initial share price on Oct. 14, 2009, the notes will be automatically called at par.
If the notes are not called, the payout at maturity will be par unless Cisco stock closes below the protection price - 75% of the initial price - during the life of the notes and finishes below the initial price. In that case, the payout will be a number of Cisco shares equal to $1,000 divided by the initial share price or, at Barclay's option, par minus the share price decline.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Cisco Systems, Inc. (Symbol: CSCO)
|
| Amount: | $1 million
|
| Maturity: | Jan. 20, 2010
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Cisco stock closes below the protection price during the life of the notes and finishes below the initial price, 53.390283 Cisco shares or par minus the share price decline; otherwise, par
|
| Call: | Automatically at par if Cisco shares close at or above the initial share price on Oct. 14, 2009
|
| Initial share price: | $18.73
|
| Protection price: | $14.05, 75% of initial price
|
| Pricing date: | July 14
|
| Settlement date: | July 17
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.25%
|
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