By Susanna Moon
Chicago, May 29 - Barclays Bank plc priced $2 million of 11% Callable One Observation Reverse Convertible Notes due Nov. 30, 2009 linked to the common stock of JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called at par if JPMorgan stock closes at or above the initial share price on Aug. 26, 2009.
If the notes are not called, the payout at maturity will be par unless the stock closes below the protection price - 70% of the initial price - on Nov. 24, 2009, in which case investors will receive a number of JPMorgan shares equal to $1,000 divided by the initial price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable One Observation Reverse Convertible Notes
|
| Underlying stock: | JPMorgan Chase & Co. (Symbol: JPM)
|
| Amount: | $2 million
|
| Maturity: | Nov. 30, 2009
|
| Coupon: | 11%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If JPMorgan stock closes below the protection price on Nov. 24, 2009, 27.3673 JPMorgan shares; otherwise, par
|
| Call: | Automatically at par if JPMorgan stock closes at or above the initial share price on Aug. 26, 2009
|
| Initial share price: | $36.54
|
| Knock-in price: | 70% of initial price
|
| Pricing date: | May 26
|
| Settlement date: | May 29
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.625%
|
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