New Issue: Barclays prices $2.26 million callable contingent coupon notes linked to Dow Chemical

By Toni Weeks

San Luis Obispo, Calif., March 11 - Barclays Bank plc priced $2.26 million of callable contingent coupon notes due March 12, 2015 linked to Dow Chemical Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a coupon at an annualized rate of 10.05% if Dow Chemical shares close at or above the barrier level - 65% of the initial share price - on the valuation date for that quarter.

The notes are callable at par plus the contingent coupon on any interest payment date.

The payout at maturity will be par unless the stock finishes below the 65% knock-in level, in which case investors will receive a number of Dow Chemical shares equal to $1,000 divided by the initial share price or, at Barclays' option, the cash equivalent.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Callable contingent coupon notes
Underlying stock:	Dow Chemical Co. (Symbol: DOW)
Amount:	$2,255,000
Maturity:	March 12, 2015
Coupon:	10.05% per year, payable quarterly if closing price of Dow Chemical shares is equal to or greater than barrier price; otherwise, no contingent interest payment for that quarter
Price:	Par
Payout at maturity:	Par unless final share price is less than barrier price, in which case 30.769231 shares or cash equivalent
Call option:	At par plus contingent coupon on any quarterly contingent coupon payment date
Initial price:	$32.50
Barrier price:	$21.13, 65% of initial price
Pricing date:	March 7
Settlement date:	March 12
Agent:	Barclays
Fees:	1.5%
Cusip:	06741JXZ7

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