By Angela McDaniels
Tacoma, Wash., May 18 - Barclays Bank plc priced an additional $10 million of 9% reverse convertible notes due Feb. 25, 2011 linked to the common stock of JPMorgan Chase & Co., according to a 424B3 filing with the Securities and Exchange Commission.
The notes bring the issue size to $12.5 million. The original $2.5 million of notes priced Feb. 23.
The payout at maturity will be par in cash unless JPMorgan shares fall below the protection price - 80% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of JPMorgan shares equal to $1,000 divided by the initial price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | JPMorgan Chase & Co. (Symbol: JPM)
|
| Amount: | $12.5 million, increased from $2.5 million
|
| Maturity: | Feb. 25, 2011
|
| Coupon: | 9%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless JPMorgan shares fall below protection price during life of notes and finish below initial price, in which case 25.075226 shares of JPMorgan stock
|
| Initial price: | $39.88
|
| Protection price: | $31.90, 80% of initial price
|
| Exchange ratio: | 25.075226
|
| Pricing dates: | Feb. 23 for $2.5 million; May 17 for $10 million
|
| Settlement dates: | Feb. 26 for $2.5 million; May 18 for $10 million
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06740JF39
|
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