Barclays to price 17.5% reverse convertibles linked to Ford

By Angela McDaniels

Seattle, July 25 - Barclays Bank plc plans to price reverse convertible notes due Feb. 29, 2008 linked to the common stock of Ford Motor Co., according to an FWP filing with the Securities and Exchange Commission.

The six-month notes will pay 8.75% for an annualized rate of 17.5%. Interest will be payable monthly.

The payout at maturity will be par unless Ford stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Ford shares equal to $1,000 divided by the initial share price or, at Barclays' option, par minus the share price decline.

The notes will price on Aug. 28 and settle on Aug. 31.

Barclays Capital will be the agent.

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