By E. Janene Geiss
Philadelphia, May 5 - Barclays Bank plc priced a $500,000 issue of upside participation reverse convertible notes due Aug. 6, 2009 linked to Noble Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If Noble stock finishes above its initial price, the payout at maturity will be par plus 1.5 times any gain in Noble shares, up to the maximum leveraged percentage of 10.65%.
If Noble stock closes below its initial price but has remained at or above the protection price during the life of the notes, the payout at maturity will be par.
If Noble stock closes below its initial price and has fallen below the protection price during the life of the notes, the payout at maturity will be par multiplied by the return on Noble stock, in cash or stock at Barclays' option.
The protection price is 90% of the starting level of Noble stock.
In addition, investors will also receive a supplemental amount of 2% at maturity.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Upside participation reverse convertible notes
|
| Underlying stock: | Noble Corp. (Symbol: NE)
|
| Amount: | $500,000
|
| Maturity: | Aug. 6, 2009
|
| Coupon: | 2%, payable at maturity
|
| Price: | Par
|
| Payout at maturity: | If Noble stock finishes above its initial price, par plus 1.5 times any gain in Noble shares, up to the maximum leveraged percentage of 10.65%; if Noble stock closes below its initial price but has remained at or above the protection price during the life of the notes, par; if Noble stock closes below its initial price and has fallen below the protection price during the life of the notes, par multiplied by the return on Noble stock, in cash or stock at Barclays' option; investors will also receive a supplemental amount of 2% at maturity.
|
| Initial price: | $28.40
|
| Protection price: | $25.65, 90% of initial price
|
| Pricing date: | May 1
|
| Settlement date: | May 6
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 1.5%
|
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