Barclays to price 17% reverse convertibles linked to Fannie Mae

By Jennifer Chiou

New York, Nov. 21 - Barclays Bank plc plans to price 17% annualized reverse convertible notes due May 30, 2008 linked to Federal National Mortgage Association (Fannie Mae) common stock, according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless Fannie Mae stock falls below the knock-in price - 55% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Fannie Mae shares equal to $1,000 divided by the initial share price.

The notes will price on Nov. 27 and settle on Nov. 30.

Barclays Capital Inc. will be the agent. LaSalle Financial Services, Inc. is the distributor.

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