By Marisa Wong
Milwaukee, June 3 - Barclays Bank plc priced $1.05 million of 12.35% reverse convertible notes due June 3, 2011 linked to depositary receipts of the Oil Service Holdrs trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the depositary shares fall below the protection price of $62.64, 70% of the initial price of $89.48, during the life of the notes and finish below the initial price, the payout will be a number of depositary shares equal to $1,000 principal amount divided by the initial price or cash equal to par minus the price decrease.
Otherwise the payout will be par in cash.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Reverse convertible notes
|
| Underlying trust: | Oil Service Holdrs (Symbol: OIH)
|
| Amount: | $1.05 million
|
| Maturity: | June 3, 2011
|
| Coupon: | 12.35%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless depositary receipts fall below the protection price and finish below the initial price, in which case a number of depositary receipts equal to $1,000 divided by the initial price or cash equal to par minus the price decrease
|
| Initial price: | $89.48
|
| Protection price: | $62.64, 70% of initial price
|
| Exchange ratio: | 11.175682
|
| Pricing date: | June 1
|
| Settlement date: | June 4
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.5%
|
| Cusip: | 06740LXZ3
|
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