By Angela McDaniels
Tacoma, Wash., Jan. 25 - Barclays Bank plc priced $610,000 of callable reverse convertible notes due July 26, 2011 linked to the common stock of Chico's FAS, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes carry an annualized coupon of 11%. Interest is payable monthly.
The notes will be called at par if Chico's stock closes at or above the initial share price on March 22 or May 20.
The payout at maturity will be par unless Chico's shares fall below 70% of the initial share price during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Chico's shares equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Chico's FAS, Inc. (Symbol: CHS)
|
| Amount: | $610,000
|
| Maturity: | July 26, 2011
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Chico's shares fall below protection level during life of notes and finish below initial price, 91.240876 Chico's shares or equivalent in cash; otherwise, par
|
| Call: | At par if Chico's stock closes at or above initial share price on March 22 or May 20
|
| Initial price: | $10.96
|
| Protection level: | $7.76, 70% of initial price
|
| Pricing date: | Jan. 21
|
| Settlement date: | Jan. 26
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06741JCP2
|
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