New Issue: Barclays prices $1 million more 15% reverse convertibles on U.S. Steel

By Toni Weeks

San Diego, Oct. 1 - Barclays Bank plc priced an additional $1 million of 15% annualized reverse convertible notes due March 29, 2013 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

This brings the total deal size to $1.31 million. The initial $313,000 of the notes priced Sept. 25.

Interest is payable monthly.

The payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price of $14.32, 75% of the initial price of $19.09, during the life of the notes and finish below the initial price, in which case the payout will be a number of U.S. Steel shares equal to $1,000 principal amount divided by the initial price.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	United States Steel Corp. (Symbol: X)
Amount:	$1,313,000, increased from $313,000
Maturity:	March 29, 2013
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless U.S. Steel shares fall below the protection price of $14.50, 75% of the initial price, and finish below the initial price, in which case U.S. Steel shares equal to $1,000 principal amount divided by the initial price
Initial price:	$19.09
Protection price:	$14.32, 75% of $19.33
Pricing date:	Sept. 25 for $313,000; Oct. 1 for $1 million
Settlement date:	Sept. 28 for $313,000; Oct. 4 for add-on
Agent:	Barclays
Fees:	2%
Cusip:	06741JQ28

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