Barclays plans 14.5% callable reverse convertibles linked to Citigroup

By Angela McDaniels

Tacoma, Wash., April 14 - Barclays Bank plc plans to price callable reverse convertible notes due Oct. 20, 2010 linked to the common stock of Citigroup Inc., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will carry an annualized coupon of 14.5%. Interest will be payable monthly.

The notes will be automatically called at par if Citigroup stock closes at or above the initial share price on June 15 or Aug. 16.

If the notes are not called, the payout at maturity will be par unless Citigroup stock falls below 80% of the initial share price during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Citigroup shares equal to $1,000 divided by the initial share price.

The notes will price on April 15 and settle on April 20.

Barclays Capital Inc. is the agent.

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