By Angela McDaniels
Tacoma, Wash., March 29 - Barclays Bank plc priced $3 million of 10% annualized Yield Enhanced Equity Linked Debt Securities due Oct. 16, 2010 linked to the common stock of VMware, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each note has a face value of $53.74, which is the average execution price per share for the common stock that an affiliate of Barclays paid to hedge the issuer's obligations under the notes.
Interest is payable monthly.
If the intraday lowest price of VMware stock remains at or above the trigger price - 77.5% of the initial price - on each day during the life of the notes and the final share price is less than the initial price, the payout at maturity will be par.
Otherwise, the payout will be an amount equal to the final share price, payable in stock or cash at Barclays' option and capped at 108.5% of par.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Yield Enhanced Equity Linked Debt Securities
|
| Underlying stock: | VMware, Inc. (NYSE: VMW)
|
| Amount: | $2,999,982
|
| Maturity: | Oct. 16, 2010
|
| Coupon: | 10%, payable monthly
|
| Price: | Par of $53.74
|
| Payout at maturity: | If VMware stock finishes below initial price but remains at or above trigger price throughout life of notes, par; otherwise, lesser of final share price and equity cap price, payable in cash or stock
|
| Initial price: | $53.74
|
| Trigger price: | $41.6485, 77.5% of initial price
|
| Equity cap price: | $58.3079, 108.5% of initial price
|
| Pricing date: | March 26
|
| Settlement date: | April 5
|
| Agent: | Barclays Capital Inc.
|
| Fees: | None
|
| Cusip: | 06740L204
|
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