Barclays to price 9.75% reverse convertibles linked to Market Vectors Gold Miners

By Angela McDaniels

Tacoma, Wash., May 13 - Barclays Bank plc plans to price reverse convertible notes due Nov. 30, 2010 linked to the Market Vectors Gold Miners exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will carry an annualized coupon of 9.75%. Interest will be payable monthly.

The payout at maturity will be par unless shares of the ETF fall below 75% of the initial share price during the life of the notes and finish below the initial share price, in which case the payout will be a number of shares equal to $1,000 divided by the initial share price.

The notes will price May 25 and settle May 28.

Barclays Capital Inc. is the agent.

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