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Barclays to price 9% reverse convertibles linked to Hewlett-Packard
By Susanna Moon
Chicago, Jan. 22 - Barclays Bank plc plans to price 9% reverse convertible notes due Jan. 30, 2009 linked to the common stock of Hewlett-Packard Co., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Hewlett-Packard stock falls by more than 25% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Hewlett-Packard shares equal to $1,000 divided by the initial share price or, at Barclays' option, the equivalent cash value.
The notes will price on Jan. 28 and settle on Jan. 31.
Barclays Capital Inc. will be the agent.
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