New Issue: Barclays prices $55,000 12.25% autocallable reverse convertibles tied to Netflix

By Jennifer Chiou

New York, March 28 - Barclays Bank plc priced $55,000 of 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.

Barclays is the agent.

Issuer:	Barclays Bank plc
Issue:	Autocallable reverse convertible notes
Underlying stock:	Netflix, Inc. (Symbol: NFLX)
Amount:	$55,000
Maturity:	Sept. 30, 2013
Coupon:	12.25%, payable monthly
Price:	Par
Call:	If Netflix shares close above initial level on any quarterly call date
Payout at maturity:	Par in cash unless Netflix shares close below the protection level during the life of the notes and finish below that level, in which case Netflix shares equal to $1,000 principal amount divided by the initial price
Initial price:	$180.79
Protection level:	60% of initial level
Pricing date:	March 25
Settlement date:	March 28
Agent:	Barclays
Fees:	2%
Cusip:	06741JYJ2

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