Barclays to price 12.25% autocallable reverse convertibles on Netflix

By Toni Weeks

San Luis Obispo, Calif., March 18 - Barclays Bank plc plans to price 12.25% annualized autocallable reverse convertible notes due Sept. 30, 2013 linked to Netflix, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The notes will be called at par if the closing price is greater than or equal to the initial share price on the June 21 call valuation date.

If the notes are not called, the payout at maturity will be par in cash unless Netflix shares fall below the protection price, 60% of the initial price, during the life of the notes and finish below the protection price, in which case the payout will be a number of Netflix shares equal to $1,000 principal amount divided by the initial price.

The notes (Cusip: 06741JYJ2) are expected to price March 25 and settle March 28.

Barclays is the agent.

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