New Issue: Barclays prices $2 million more 9% reverse convertibles tied to Apple

By Jennifer Chiou

New York, April 12 - Barclays Bank plc priced another $2 million of 9% reverse convertible notes due March 28, 2013 linked to Apple Inc. shares, bringing the total issue amount to $2.9 million, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Apple shares fall below the protection price of $494.10, 80% of the initial price of $617.62, during the life of the notes and finish below the initial price in which case the payout will be 1.619119 shares of Apple stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	Apple Inc. (Symbol: AAPL)
Amount:	$2.9 million (up from $900,000)
Maturity:	March 28, 2013
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Apple shares fall below the protection price of $494.10, 80% of the initial price, and finish below the initial price, in which case 1.619119 shares of Apple stock
Initial price:	$617.62
Protection price:	$494.10, 80% of $617.62
Exchange ratio:	1.619119
Pricing date:	March 28 for original $900,000; April 11 for $2 million
Settlement date:	March 30 for original $900,000; April 16 for add-on
Agent:	Barclays Capital Inc.
Fees:	2.4%
Cusip:	06741JSU4

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