New Issue: Barclays prices $1 million more 11% reverse convertibles on JPMorgan

By Toni Weeks

San Diego, Aug. 1 - Barclays Bank plc priced another $1 million of 11% reverse convertible notes due June 28, 2013 linked to JPMorgan Chase & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

This brings the deal size to $2,027,000. The initial $27,000 of the notes priced on June 26, and an additional $1 million of the notes priced on July 26.

The payout at maturity will be par in cash unless JPMorgan Chase shares fall below the protection price of $26.78, 75% of the initial price of $35.71, during the life of the notes and finish below the initial price, in which case the payout will be 28.00336 shares of JPMorgan Chase stock.

Barclays Capital Inc. is the agent.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	JPMorgan Chase & Co. (Symbol: JPM)
Amount:	$2,027,000 (up from original $27,000)
Maturity:	June 28, 2013
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless JPMorgan Chase shares fall below the protection price of $26.78, 75% of the initial price, and finish below the initial price, in which case 28.00336 shares of JPMorgan Chase stock
Initial price:	$35.71
Protection price:	$26.78, 75% of $35.71
Exchange ratio:	28.00336
Pricing dates:	June 26 for original $27,000; July 26 for $1 million; Aug. 1 for $1 million add-on
Settlement dates:	June 29 for original notes; July 31 for $1 million; Aug. 6 for $1 million add-on
Agent:	Barclays Capital Inc.
Fees:	2.5%
Cusip:	06741JG86

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