By Marisa Wong
Madison, Wis., July 28 - Barclays Bank plc priced $10 million of 10.75% callable reverse convertible notes due July 27, 2012 linked to the common stock of AK Steel Holding Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes are callable at par if the closing share price is greater than or equal to the initial share price on Oct. 29, Jan. 29, 2012 or April 29, 2012.
The payout at maturity will be par in cash unless AK Steel shares fall below 70% 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 AK Steel shares equal to $1,000 divided by the initial price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | AK Steel Holding Corp. (Symbol: AKS)
|
| Amount: | $10 million
|
| Maturity: | July 27, 2012
|
| Coupon: | 10.75%, payable monthly
|
| Price: | Variable
|
| Payout at maturity: | Par in cash unless shares fall below protection price during life of the notes and finish below initial price, in which case 78.064012 shares of AK Steel stock
|
| Call: | At par if closing share price is greater than or equal to initial share price on Oct. 29, Jan. 29, 2012 or April 29, 2012
|
| Initial price: | $12.81
|
| Protection price: | $8.97, or 70% of initial price
|
| Physical delivery amount: | 78.064012 shares
|
| Pricing date: | July 26
|
| Settlement date: | July 29
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06741JKV0
|
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