By Angela McDaniels
Tacoma, Wash., March 9 - Barclays Bank plc priced $2 million of 13.25% annualized callable reverse convertible notes due Sept. 10, 2010 linked to the common stock of Foster Wheeler AG, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par if Foster Wheeler stock closes at or above the initial share price on June 7, 2010.
If the notes are not called, the payout at maturity will be par in cash unless Foster Wheeler shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Foster Wheeler shares equal to $1,000 divided by the initial price.
Barclays Capital Inc. is the agent.
| Issuer: | Barclays Bank plc
|
| Issue: | Callable reverse convertible notes
|
| Underlying stock: | Foster Wheeler AG (Symbol: FWLT)
|
| Amount: | $2 million
|
| Maturity: | Sept. 10, 2010
|
| Coupon: | 13.25%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If Foster Wheeler shares fall below protection price during life of notes and finish below initial price, 38.580247 Foster Wheeler shares; otherwise, par
|
| Call: | Automatically at par if Foster Wheeler stock closes at or above initial share price on June 7, 2010
|
| Initial share price: | $25.92
|
| Protection price: | $19.44, 75% of initial price
|
| Pricing date: | March 5
|
| Settlement date: | March 10
|
| Agent: | Barclays Capital Inc.
|
| Fees: | 2.5%
|
| Cusip: | 06740JZK9
|
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